Human beings are known for many different things, but most importantly of all, they are known for getting better on a consistent basis. This tendency to improve, no matter the situation, has already got us some huge milestones, with technology appearing as a major member of the stated group. The reason why technology enjoys such an esteemed stature among people is, by and large, based on its skill-set, which ushered us towards a reality that nobody could have ever imagined otherwise. Nevertheless, if we look up close for a second, it will become clear how the whole runner was also very much inspired from the way we applied those skills across a real world environment. The latter component was, in fact, what gave the creation a spectrum-wide presence, and consequentially, kickstarted a tech revolution. Of course, this revolution then went on to reinvent the human experience beyond recognition, but even after achieving such a monumental feat, technology will somehow continue delivering the right goods. The same has become more evident in recent times, and assuming a new insurance-related development makes the desired impact, it should only be able to turn that trend into something much bigger and better moving forward.
Selective Insurance, a Branchville New Jersey-based leading business insurance carrier, has officially launched an expanded management liability insurance suite, which is designed to protect not-for-profit and private organizations from costly litigation. As per certain reports, the suite achieves that goal by offering a wide assortment of enhancement options, such as Directors & Officers Liability (D&O), Employment Practices Liability (EPLI), Fiduciary Liability, defense costs outside the limits for not-for-profits, additional defense limits for private companies, automatic inclusion of 3rd party liability with EPLI, full prior acts coverage, and more. Now, while the line-up sounds significant in itself, these features impact every facet of an organization through a unique channel. For instance, in top level management’s case, they introduce better inclusivity with coverage of more individuals like independent contractors, shadow directors, LLC managers, board observers, and de facto directors etc. The upgraded suite also adds automatic coverage for newly created or acquired subsidiaries without any reporting requirement.
“Not-for-profit organizations and private companies face daily challenges, from managing staffing issues and attracting and retaining experienced board members to maintaining budgets in the face of rapid inflation. In introducing these new features, we’re trying to make sure that managing liability is one of the easier aspects of running a modern organization,” said Jeff Weaver, Assistant Vice President, Management Liability Insurance of Selective Insurance.
For employees, the suite leverages Employee Practice Liability to address discrimination claims based on gender identity or expression, sexual orientation or identity, and genetic information. Furthermore, it offers coverage through endorsements, including sub-limits for Wage and Hour and/or Employee Privacy Claims, and optional limits for Workplace Violence. Hold on, there is more. The upgrade also brings an extended reporting window for some EPLI claims to 365 days after the policy period ends, while simultaneously allowing the user to bank upon Selective Human Resources Essentials® to access HR-related training tools and resources like webinars, state-aligned policies and procedures, and more.
Lastly, under the Fiduciary Liability option, Selective Insurance is able to deliver at our disposal a broad definition of benefit plan, a definition that is understood to cover qualified and unqualified plans under ERISA. This universal theme even pops up in several other areas, and to put-forth an example, we can look at how the form here provides unique sub-limits for different oversight and compliance claims situations.
“Selective’s enhanced suite of products provides additional flexibility and tailored solutions, helping not-for-profits and private companies better manage employment liability issues, protect leadership from litigation risks, and maintain their overall financial stability,” said Weaver.
Founded back in 1926, Selective Insurance is one of the biggest names across our insurance landscape. The provider is currently a holding company for 10 property and casualty insurance companies rated “A+” (Superior) by AM Best. Selective’s excellence in what it does is further validated by the fact that it has been listed in the Fortune 1000 ranking, and along with that, it has also earned the Great Place to Work® recognition for three consecutive years.
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