What it does
MP 04 02 extends coverage when the insured organization acquires or creates a for-profit organization, as the endorsement provides.
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
Not-for-profits that form taxable subsidiaries (for example a gift shop, management company or social enterprise).
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.
