What it does
MP 04 03 extends the fiduciary liability coverage to employee benefit plans that have been merged, sold, spun off or terminated, so fiduciary claims about those plans remain covered as the endorsement describes.
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
Employers that have changed benefit plans through acquisitions, divestitures or plan terminations.
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.
