1. Forms
2. MP
3. MP-DS-01

What the form is

The MP DS 01 - Executive Liability Coverage Part Declarations Form serves as a critical component of an Executive Liability insurance policy. It is not a coverage form itself, but rather a summary document that outlines the specific details and choices made by the insured for their particular policy. This form personalizes the broader coverage language found in the associated coverage forms and endorsements, providing a snapshot of the agreed-upon terms.

Key information typically found on this declarations page includes:

• The Named Insured and their address
• The policy number and policy period (inception and expiration dates)
• Limits of Liability for the Executive Liability Coverage Part
• Any applicable deductibles or retentions
• A schedule listing all forms and endorsements that are part of the Executive Liability Coverage Part, including their edition dates
• Information about the insurer
• Premium information for the coverage part

Classes of business it applies to

This declarations form is used for entities purchasing Executive Liability insurance, often referred to as Directors and Officers (D&O) Liability insurance or Management Liability insurance. This can include a wide range of organizations:

• Publicly traded companies: Facing risks related to shareholder lawsuits and securities claims.
• Private companies: Protecting directors and officers from litigation by competitors, creditors, employees, or regulatory bodies.
• Non-profit organizations: Shielding board members and officers from lawsuits related to mismanagement or breach of duty.

For example, a tech startup going through funding rounds or a well-established manufacturing company would both have an Executive Liability policy, and this declarations page would tailor that policy to their specific exposures and coverage needs.

Special considerations

It's crucial to understand that the MP DS 01 Declarations form works in conjunction with other policy documents, primarily the Executive Liability Coverage Form (e.g., MP 00 01) and any endorsements. The declarations page does not grant coverage but rather specifies how the coverage provided by other forms applies. Accuracy on the declarations page is paramount, as errors or omissions can lead to coverage disputes. Any changes to the policy during its term, such as an increase in limits or a change in named insureds, would typically be reflected in a revised declarations page or an endorsement that amends the declarations.

Key information for agents and underwriters

For Agents:

• Ensure all information, especially named insureds, policy period, and limits, is accurately transcribed and reflects the client's requirements.
• Use the declarations as a checklist to confirm all necessary forms and endorsements are included in the policy.
• Explain the declarations page to the client to ensure they understand their coverage specifics.

For Underwriters:

• The declarations page is a key document for understanding the specific risk being underwritten and the terms agreed upon.
• It provides a quick reference for policy limits, retention levels, and the scope of coverage as defined by the scheduled forms.
• It's essential for policy administration, premium calculation, and data recording.
• During audits or claims, the declarations page is one of the first documents reviewed to ascertain the policy's parameters.