CHEVY CHASE, Md.--(BUSINESS WIRE)--
Victor O. Schinnerer & Company, a leading underwriting manager,
announced today the launch of a private company management liability
program. The Private Company program is offered to a broad range of
eligible industries with up to $1 billion in total assets.
“With more than 20 years of management liability experience, Schinnerer
has developed a Private Company program that is a fitting complement to
our current suite of products. This thoughtfully crafted program is a
competitive, state-of-the-art management liability solution ideal for
both first-time buyers and seasoned policyholders,” said Steve Cohen,
senior vice president and management liability practice leader for
The program, offered on admitted paper through A rated carrier Catlin
US, provides directors and officers (D&O) liability and employment
practices liability (EPL), as well as several related management
liability insurance coverages. These coverages help to protect privately
held organizations from a myriad of allegations such as fraud, unfair
competition, discrimination, harassment, wrongful termination, and
benefit plan mismanagement, as well as expenses relating to employee
theft and extortion.
The policy incorporates many essential components that are typically
added by endorsement in the current private company marketplace. These
components include severability among insureds for exclusions and
representations, 25% asset threshold for automatic coverage of new
acquisitions or benefit plans, a softened 80/20 EPL hammer clause,
prevailing plaintiff’s attorney’s fees for EPL loss, non-rescindable D&O
and fiduciary liability coverages, and D&O pre-claim inquiry response
for non-indemnified loss.
The Private Company program is currently available on admitted paper in
32 states. The program will be expanded to include admitted paper in
additional states as state filings are approved. Premiums start at
$15,000, with limits up to $10 million.
The addition of the Private Company program adds to Schinnerer’s growing
management liability practice which includes product offerings for
non-profits, health care organizations, as well as standalone kidnap,
ransom, and extortion. Schinnerer distributes its insurance programs
through independent agents and brokers. Broker appointments are not
required unless mandatory by state law.
Victor O. Schinnerer & Company, Inc. is one of the largest and most
experienced underwriting managers of specialty insurance programs in the
world. Schinnerer now serves more than 46,000 insureds in numerous
specialty industries through independent insurance agents and brokers.
Learn more at www.schinnerer.com.
Victor O. Schinnerer & Company, Inc.
Source: Victor O. Schinnerer & Company, Inc.