What it does
MP 04 04 extends the fiduciary liability coverage to "CAP penalties" as that term is 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
Plan sponsors of qualified retirement plans that may face penalties in resolving plan compliance problems.
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.
