What it does
MP 00 03 contains the conditions that apply across every coverage form written on an ISO Management Protection policy – the program's counterpart of the IL 00 17 common policy conditions used on other ISO lines. Each coverage form (executive liability, not-for-profit, fiduciary and so on) attaches to this common set of conditions and to the policy declarations.
Program context
The ISO Management Protection (MP) program is a modular management liability policy: Common Policy Conditions (MP 00 03) shared by separate coverage forms for executive liability (D&O), executive and entity securities liability, financial institutions executive liability, not-for-profit management liability, fiduciary liability and Side A only. Forms lists show the Management Protection forms filed for use in Colorado, Iowa, Illinois, Indiana, Kansas, Minnesota, Missouri, North Dakota, Nebraska, Ohio, South Dakota, Wisconsin and Wyoming. The 10 06 and 05 09 editions are the current ones in forms lists; ISO filed a multistate Management Protection forms revision in 2008.
Who needs it
Every Management Protection policy carries it.
Quoting and selling notes
- Review cancellation, notice and allocation-type provisions with the client when comparing an ISO-based management liability quote with a carrier's proprietary package.
- State changes endorsements modify these conditions in many of the filed states.
