What it does
MP 04 01 extends coverage to insured persons who serve as directors, officers or trustees of an outside entity, for wrongful acts in that capacity as defined in the endorsement.
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
Organizations whose executives serve on boards of nonprofits, trade associations or portfolio companies.
Quoting and selling notes
- Confirm which coverage form the extension modifies and whether a sublimit applies.
- Ask whether the exposure exists before adding the extension.
- The 10 06 and 05 09 editions are current in forms lists.
