1. Forms
2. MP
3. MP-DS-00-04

What the form is

The MP DS 00 04 03 is the Common Declarations form for a Management Protection Liability Policy. It serves as one of the initial pages of the policy, providing a summary of key information specific to the insured and the particular policy issued. This form doesn't grant coverage itself but works in conjunction with various coverage forms and endorsements to define the overall scope of the Management Protection Liability Policy. It identifies the named insured, policy period, applicable limits of liability, the premium, and lists the forms and endorsements that are part of the policy contract.

Classes of business it applies to

This form is used for a wide range of commercial entities and other organizations that purchase Management Protection Liability insurance. This can include:

• Publicly traded companies
• Privately held companies
• Non-profit organizations
• Financial institutions

Essentially, any organization with a management structure (e.g., directors, officers, trustees) that faces liability exposures related to their managerial decisions, employment practices, or fiduciary responsibilities would have a policy utilizing this type of declarations page. For example, a technology startup securing Directors and Officers (D&O) insurance, a manufacturing company purchasing Employment Practices Liability Insurance (EPLI), or a charitable organization with Fiduciary Liability coverage would all typically have a Management Protection Policy that begins with a common declarations page like the MP DS 00 04.

Special considerations

• Accuracy is Critical: All information on the Declarations page, such as the Named Insured, policy period, limits of liability, and the list of attached forms and endorsements, must be meticulously accurate as it forms the foundation of the insurance contract. Errors or omissions can lead to significant coverage disputes.
• Not a Standalone Document: This form must be attached to and read in conjunction with the relevant coverage forms (e.g., Directors and Officers Liability, Employment Practices Liability, Fiduciary Liability forms like MP 00 01 or MP 00 02) and any endorsements that modify the policy.
• Policy Structure: In a modular policy structure, such as a Management Protection Policy, the Common Declarations (MP DS 00 04) provides information applicable to the entire policy. Specific coverage parts (e.g., Executive Liability Coverage Part) may also have their own separate declarations pages (like MP DS 01 or MP DS 02) detailing information pertinent only to that specific coverage part.

Key information for agents and underwriters

• Foundation of the Policy: This form is the starting point for understanding the policy's structure and the specific terms agreed upon. Agents must ensure all client details and requested coverages are correctly reflected to avoid E&O exposures.
• Limits and Premium: It will clearly state the aggregate limits of liability for the policy and the total policy premium. Underwriters use this to confirm the agreed-upon terms and ensure the limits are appropriate for the risk.
• Attached Forms and Endorsements: A crucial section lists all forms and endorsements that make up the policy. This schedule must be complete and accurate for both agents advising clients on the scope of coverage and for underwriters assessing the overall risk and the specific contractual obligations of the insurer.
• Named Insured: Precisely identifying all entities and individuals qualifying as "Named Insureds" is vital, as this determines who is primarily covered by the policy. This is a key area for underwriters to review for complex organizational structures.
• Policy Period: The effective and expiration dates define the timeframe of coverage. This is especially important for claims-made policies, which are common in management liability lines, as it dictates when a wrongful act must occur and when a claim must be reported.