What it does
MP 00 06 is the not-for-profit management liability form of ISO's Management Protection program, covering the organization's directors, officers and trustees for claims alleging wrongful acts in running a not-for-profit. Not-for-profit-specific exclusion endorsements include abuse or molestation (MP 21 28), board member (MP 21 30), medical services (MP 21 32), membership review (MP 21 33) and peer review (MP 21 34).
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 not-for-profit with a board: volunteers serving on boards often require D&O before joining, and grant makers and lenders may require it.
Quoting and selling notes
- Ask about revenue sources, number of employees and volunteers, and any services to minors or patients.
- Employment practices claims are the most common not-for-profit management liability claim; confirm how the carrier handles EPL for the organization.
- Verisk has also introduced a Not-For-Profit Directors and Officers Liability Coverage Part in its newer Management Liability Module Policy; carriers may use either program.
