What it does
MP 00 08 is the Side A form of ISO's Management Protection program. Side A coverage protects individual directors and officers when the organization cannot or will not indemnify them – for example in insolvency or where indemnification is prohibited.
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
Companies with significant financial risk, investors or creditors, and boards seeking extra protection that is not shared with the entity.
Quoting and selling notes
- Explain how Side A differs from the executive liability form (MP 00 01), which also responds when the company indemnifies.
- Often written as a separate tower or excess layer.
- Financial institutions use MP 00 09.
