What it does
MP 03 02 is the second co-insurance endorsement filed for the ISO Management Protection program. Like MP 03 01 it requires the insured to share a percentage of covered loss; the two forms are designed for different coverage forms or loss components within the program.
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
Accounts where the underwriter wants insured participation in loss.
Quoting and selling notes
- Read which coverage forms or loss components the endorsement applies to before explaining it to the client.
- Translate the percentage into dollars.
- Ask whether removal is possible at renewal with clean experience.
