What it does
MP 21 01 excludes management liability claims arising out of the professional services designated in the endorsement, keeping errors-and-omissions exposures on a professional liability policy.
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 that provide professional services (consulting, engineering, healthcare, technology) to clients.
Quoting and selling notes
- Read the exclusion wording and any schedule with the client before binding.
- Ask what would allow removal at renewal.
- Compare competing management liability quotes for the same exclusion.
