Management Liability & Professional Liability

Kraft Lake offers management liability solutions including Employment Practices Liability Insurance (EPLI), Fiduciary Liability and Directors & Officers Liability coverage to your customers. These policies are designed to cover those gaps left in the Business Owners Policy (BOP). Coverage for these exposures can be offered either on a stand-alone or a package basis.

Classes:

Employment Practices Liability

Description

EPLI covers employers from claims made by workers who have sued the company alleging violations of their legal rights as employees. Possible lawsuits include claims for sexual harassment, breach of employment contract, wrongful termination, discrimination and failure to hire or promote.

Target Markets

• U.S. Companies with up to 20,000 employees

Features

• Employers with up to 20,000 employees
• Limits up to $15 million
• Third party liability coverage available
• Wage & Hour coverage available

Submission Requirements

• Your Foremost/Bristol West/Zurich Small Business Agent Code
• Completed signed application

Binding Requirements

• All "subject to" information listed on the proposal must be provided prior to binding.
• The policy effective date cannot be prior to the date the bind request is submitted to Kraft Lake, i.e., policies cannot be back-dated.
• If a policy is currently in force, continuity must be maintained with no gaps in coverage.
  • Retroactive date listed on the declarations page of the expiring policy must be reflected on the new application.
  • Prior & pending date listed on the declarations page of the expiring policy must be reflected on the new application.
• A completed application signed and dated by the insured must be provided in order for coverage to be bound. If the signature is more than 30 days old, it must be re-signed prior to coverage being bound.
• A copy of the premium check must accompany the bind request.

Directors & Officers Liability

Description

D&O insurance liability policies provide insurance against allegations of negligent acts, omissions or misleading statements committed by directors and officers of a company that result in lawsuits being filed against the company. D&O coverage can be purchased to reimburse the company when it indemnifies directors or officers, to specifically cover directors or officers when the company doesn’t indemnify them or to provide entity coverage to cover claims made specifically against the company.

Target Markets

• Public and private U.S. companies

Features

• Public and private companies
• Punitive and multiple damages (where insurable by law)

Submission Requirements

• Your Foremost/Bristol West/Zurich Small Business Agent Code
• Completed application

Errors & Omissions Insurance

Description

Errors and omissions insurance protects companies and individuals against claims made by clients for inadequate work or negligence.

Target Markets

• Architects & Engineers
• Tech — software companies, systems integrators, technology consulting, etc.
• Accountants Professional Liablility
• Miscellaneous

Features

• Negligent act, error, omission or mistake
• Misstatements or misleading statements

Submission Requirements

• Your Foremost/Bristol West/Zurich Small Business Agent Code
• Completed application

Fiduciary Liability Insurance

Description

Fiduciary Liability Insurance pays, on behalf of the insured, the legal liability arising from claims for alleged failure to prudently act within the meaning of the Pension Reform Act of 1974 (ERISA). “Insured” is variously defined as a trust or employee benefit plan, any trustee, officer or employee of the trust or employee benefit plan, employer who is sole sponsor of a plan and any other individual or organization designated as a fiduciary. Group life and medical expense plans, as well as pension and retirement plans, are within the scope of the law.

A Fiduciary Liability policy is meant to provide coverage for both defense costs and loss payments for these exposures. It is important to realize that these exposures are not limited to employee savings plans. Fiduciary Liability Coverage extends to health and welfare plans as well.

Target Markets

• U.S. employers, union plans and governmental plans, including employee stock ownership plans (ESOPs)

Features

• Improper disclosures to plan participants
• Imprudent investment or lack of investment diversity
• Imprudent choice of insurance company, mutual fund, or third-party service provider (investment manager, actuary)
• Improper advice or counsel
• Failure to adequately fund a plan
• Administrative error
• Improper amendments to the plan document

Submission Requirements

• Your Foremost/Bristol West/Zurich Small Business Agent Code
• Completed application

Contact Information

Toll Free Number: 1-800-339-3114 Fax Number: 800-561-4582 E-mail: info@kraftlake.com Hours of Operation: Mon-Fri: 8 a.m. to 5 p.m. Eastern time Mailing Address: P.O. Box 3278, Grand Rapids, MI  49501