Management Liability Only
(D&O; E&O; EPLI; Fiduciary; Cyber; Crime)
It is common for a Company to have risk management needs specific to their industry and different risk management needs for the operations company. It is also common place for the broker who is managing the specialized insurance program for the operating entity to have minimal if any expertise in regard to Management Liability or personal asset protection for Officers and Directors. Simply put, the Management Liability is out of the core competency of the brokers expertise. In these situations, JAISIN will advise on the entire Management Liability program or a singular piece of coverage that is desired by the insured.
Drill For Fun is a small public company that specializes in Oil Exploration and Drilling, ticker symbol DFFS. DFFS has an insurance broker in Houston, Drilling Insurance, who specialize in the oil and drilling market. Drilling Insurance has an intimate knowledge of the oil drilling market and access to carriers who specialize in this risk. However, Drilling Insurance does not have specified knowledge of protecting against the risk associated with being a public company.
Scenario – 1 – The Board of DFFS has met and decided they would like to secure Directors & Officers insurance to protect the personal assets of the management team and the board.
Scenario – 2– DFFS hires a new director of HR and the they advise management to secure Employment Practice Liability Insurance (EPLI).
Scenario – 3 – The CEO of DFFS recognizes he has two separate risk and desires groups with specialized knowledge to provide DFFS advice.
In any of these scenario’s it makes sense for DFFS to establish a relationship with an insurance broker who specializes in Management Liability. JAISIN Insurance can provide a mono-line insurance policy or a comprehensive Management Liability Program.