Transcript PESTSURE Professional Liability Insurance Program including:

PESTSURE
Professional Liability
Insurance Program
Including:
Directors & Officers Liability
Employment Practices Liability
Prepared by:
Angela DeGroot & Jackie Swope
Lockton Companies of Dallas, Inc.
717 N. Harwood, Suite 2500
Dallas, TX 75201
Designed especially for Pest control Operators
Table of
Contents
Insurance Carrier………………Page 1
Program Criteria……………….Page 2
Overview of D&O……………..Page 3
Overview of EPL………………Page 4
Program Highlights…………….Page 5-6
Designed especially for Pest control Operators
Great American
Insurance Companies
The Executive Liability Division (ELD) of Great
American Insurance Companies, specializing in Director's
and Officer's (D&O) Liability Insurance, is located
northwest of Chicago in Schaumburg, Illinois. Comprised
of specialists in marketing, underwriting and claims, the
ELD has been providing quality professional liability
insurance products and services since 1986. The ELD has
the capacity to write up to $25 million limits of liability.
Great American Insurance Company, founded in 1872, is
part of a multi-line property/casualty group based in
Cincinnati, Ohio. The group is ranked among the largest
insurance companies in the United States. The strong
surplus position and long tradition of financial strength
and stability help make Great American the choice of
thousands of agents, brokers and customers countrywide.
Great American Insurance Company maintains an A,
"Excellent" A. M. Best rating with financial strength of
XIII.
Designed especially for Pest control Operators
Page 1
Program
Criteria
Through Lockton Companies, the ELD of Great American
intends to provide Directors’ and Officers’ (D&O) Liability
Insurance coverage to the individual companies associated
with PestSure. The ELD will offer preferred premiums and
coverage enhancements to all of those members of PestSure
that meet the following criteria:
1.
2.
3.
4.
5.
6.
Privately-held Company.
Fewer than $100 million in assets.
Less than 1,500 employees.
Clean litigation history.
Financially sound.
An Organization structure of a Corporation, Limited
Liability Corporation (LLC), or Cooperative.
For PestSure members not meeting the above criteria, Great
American will evaluate the risk and try to offer comparable
terms.
Designed especially for Pest control Operators
Page 2
Directors &
Officers Liability
The D&O policy is made up of three parts:
I. Insuring Agreement A
Instances where the Directors and/or Officers are not indemnified
by the Company. The policy will pay on behalf of the Directors
and/or Officers for such Loss.
II. Insuring Agreement B
Instances where the Company has, to the extent permitted or
required by law, indemnified its Directors and/or Officers. The
policy will pay on behalf of the Company for such Loss.
III. Insuring Agreement C
Instances where the Company has become legally obligated to
pay as a result of a Claim.
The policy applies on an “all risk” basis to claims made and reported
within the policy period for Wrongful Acts commonly defined as:
“any actual or alleged act, omission, error, misstatement, misleading
statement, neglect, or breach of duty, or Employment Practices Wrongful
Act, by any Insured Persons in their capacity with the Company;
or any actual or alleged act, omission, error, misstatement, misleading
statement, neglect, or breach of duty, or Employment Practices Wrongful
Act, by the Insured Entity, but only with respect to Insuring Agreement C;
or any matter claimed against any Insured Persons solely by reason of
their status with the Company;
or any matter claimed against any Insured Persons arising out of their
service as a director or officer of a non-profit Outside Entity but only if
such service is at the request of the Company.”
Designed especially for Pest control Operators
Page 3
Employment
Practices Liability
Employment Practices Wrongful Act shall mean a
Wrongful Act related to employment including but not
limited to:
1.
Wrongful dismissal, discharge or termination of
employment, whether actual or constructive;
2. Employment related misrepresentation;
3. Sexual or workplace harassment of any kind;
4. Discrimination;
5. Wrongful failure to employ or promote;
6. Wrongful discipline;
7. Wrongful deprivation of career opportunity, including
defamatory statements made in connection with an
employee reference;
8. Failure to grant tenure;
9. Negligent evaluation;
10. Failure to provide adequate workplace or employment
policies and procedures;
11. Wrongful retaliation; or
12. Employment related libel, slander, defamation, or
invasion of privacy.
Designed especially for Pest control Operators
Page 4
Program
Highlights
These highlights are subject to individual underwriting
review and state regulation. The terms and conditions may
vary based upon underwriting consideration. Other coverage
enhancements or restrictions may be applied according to
various state regulations and individual underwriting reviews.
Additionally, PestSure risks that are members of the ESOP
Association may not be eligible for this program, or may be
required to use an alternative distribution source.
•
Premiums for $1 million of coverage (maximum) as
follows:
Employee Count
< 50 employees
< 100 employees
< 400 employees
< 750 employees
> 750 employees
Premium
$ 5,000
$ 6,500
$ 8,000
$12,000
$18,000
EPL Retention
$ 5,000
$10,000
$25,000
$50,000
$75,000
• Entity Coverage including Employment Practices
Liability Coverage.
• Punitive Damages Coverage where insurable, including
most favorable venue wording.
• Worldwide Coverage.
-continued
Designed especially for Pest control Operators
Page 5
Program
Highlights
•
•
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•
•
•
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•
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Non-Profit Outside Directorship Liability Coverage.
Non-cancelable except for non-payment of premium.
Spousal Coverage.
Employees defined as Insureds.
12 Month Either/Or Discovery.
No Family, Major Shareholder, SEC, or Past Acts
Exclusions.
Optional Fiduciary Coverage by endorsement (5% of
annual premium, $0 retention).
Optional Third Party Liability for Employment Practices
(5% additional premium).
Optional Duty to Defend provision at no additional
premium (not available in California).
Optional separate Limit of Liability for Employment
Practices Claims for 25% additional premium.
Zero Retentions on all Claims other than Employment
Practices Liability Claims and Third Party Liability.
Designed especially for Pest control Operators
Page 5