U.S. Risk Pros and Western World Introduce a New and Improved Private and Non-Profit Organization Directors and Officers Liability Form

Dallas, TX, October 3, 2014– Effective October 1, 2014, this new form reflects the growing needs of organizations to address the issues confronting them in the 21st century. Coverage consists of Directors, Officers and Insured Entity Insurance, Employment Practices Liability Insurance and Pension Trust Liability Insurance.

The U.S. RiskPros Target Risks are:
a. Private Company: Up to $100,000,000 in total assets and a Full-time Equivalent employee count up to 1,000.
b. Non-Profit Organization: Organizations with a section 501(c) U.S. Tax Code, with total revenues of between $10,000,000 and $100,000,000 and a Full-time Equivalent employee count up to 1,000.
Limit of Liability available up to $5,000,000, shared or separate limits

Key Enhancements to New Form

• Consent to Settle Provision – Western World cannot settle a claim without the insured’s written consent
• Claims Mitigation Clause – 25% reduction in SIR if listed conditions are met
• Broadened Definitions:
  • “Claim” now includes:
    • Subpoenas made against the entity (as well as the individuals)
    • An extradition request
    • A target letter or Wells Notice
• “Employee” includes Independent Contractors
• “Individual Insured” includes members of the Advisory Board of the Insured
• “Wrongful Employment Act” includes breach of any express or implied contract

Modified/Deleted Exclusions

• Professional Liability – Adds a Shareholder/Derivative Claim carve-back
• Prior Knowledge – Utilizes continuous renewal language
• Fraud – Utilizes final adjudication language
• Illegal Profit Exclusion – Utilizes final adjudication language
• Insured vs Insured – Expands exclusion carve-out list to allow claims brought by:
  • Creditors committee
  • Foreign domiciled claims
  • Past D&O’s (as long as brought 2 years after the D&O ceased being a D&O)

Deleted Exclusions

• Construction Defect
• Builders and Developers
• Written Employment Contract
• Lobbying Activities

Please remember that product highlights are summaries only; please see actual policy for terms and conditions. Products are subject to risk eligibility requirements and may not be available in all jurisdictions and locations. Please let your underwriter know if you have any questions regarding the above noted changes.

For more information, please contact:

Blake Rea, Senior Underwriter
Phone: 714-285-4095
Email: blake.rea@usrisk.com

Chuck Brady, EVP and National Practice Leader
Phone: 714-285-4087
Email: chuck.brady@usrisk.com

About U.S. Risk Insurance Group
U. S. Risk Insurance Group, Inc. (www.usrisk.com) is a specialty lines underwriting manager and wholesale broker headquartered in Dallas Texas. Operating 16 domestic and international branches, it offers a broad range of products and services through its affiliate companies, which include U.S. Risk Underwriters, U.S. Risk Brokers, U.S. Risk Financial Services, Unisource Program Administrators, Advocate Reinsurance Partners, LLC, Oxford Insurance Brokers, Ltd. (UK), James Hampden International Insurance Brokers Ltd. (UK), Lime Underwriting Ltd. (UK), Antarah FZE (UAE), and Abraxas Insurance A.G. (Zurich).