Victor O. Schinnerer & Company’s Private Company Management Liability program protects privately held firms with skillfully-underwritten directors & officers liability, employment practices liability, fiduciary liability, crime, and kidnap & ransom policies.
Availability: Admitted in most states and D.C.*
New Rate Plan: Available in 40 states and D.C.**
Minimum premium: $5,000 (single coverage part)
Limits: Up to $10 million
Retention: as low as $1,000 for eligible risks
Coverage: Admitted, with an A rated carrier
Target risks: Privately held organizations with up to $1 billion in total assets
Ineligible classes: Financial institutions, health care institutions, educational institutions
*Initial state filings are pending in AK, HI, LA, NY, PR, VA, VT
** New rate plan is pending approval in AK, FL (crime), HI, IL (crime), LA, MA, NY, VA, VT, WA
- Broad definitions of claim, insured, and loss
- Severability among insureds for exclusions and representations
- 25% asset threshold for automatic coverage of new acquisitions or benefit plans
- No hammer clause for D&O or fiduciary liability
- Softened 80/20 EPL hammer clause
- D&O and fiduciary liability are nonrescindable
- Shared or separate limit options available
- Limits up to $10 million per policyholder
- Subrogation linked to fraud exclusion wording
- Nonprofit outside directorship coverage
- D&O preclaim inquiry response for nonindemnified loss
- Side A difference in conditions
- Defense outside the limit: no more than $1 million
- Clarified coverage for Employee Stock Ownership Plans (ESOPs)
- Defense for breach of contract exclusions
- Enhanced third-party EPL
- Coverages include employee theft, third-party employee theft, computer crime, forgery, counterfeit currency, investigation expense, etc.
Kidnap, Ransom & Extortion
- Responds to ransom demands, extortion, emergency political repatriation, detention, hijack, etc.
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