What it does
MP 00 04 is the executive liability (D&O) form for financial institutions in ISO's Management Protection program. Financial institutions have distinct D&O exposures – regulators, depositors, borrowers and lending decisions – so ISO provides separate forms for them.
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
Community banks, credit unions and similar financial institutions.
Quoting and selling notes
- Ask about regulatory exams, enforcement actions and capital ratios; underwriters focus on these.
- Entity securities coverage for financial institutions is MP 00 05; Side A only is MP 00 09.
- Coordinate with the institution's financial institution bond and lender liability coverage.
