What it does
MP 28 01 provides an extended reporting period under the ISO Management Protection policy: after coverage ends, claims for wrongful acts that took place before the end of the policy period can still be reported during the extended period, on the terms of the endorsement. A second ERP endorsement (MP 28 16, 10 06) and a terrorism ERP endorsement (MP 28 13) are also filed, and Wyoming uses state versions.
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
Companies being sold or merged (run-off), dissolving, or changing carriers without continuity.
Quoting and selling notes
- Discuss the ERP option and its election period before the policy ends.
- In a sale, the buyer's policy usually does not cover the seller's past management decisions; a run-off ERP does.
- Confirm the premium and length of the extended period offered.
