Health care related organizations face a variety of exposures less common to organizations in other industries. They operate in a complex and ever changing regulatory environment that results in unique claims relating to Medicare, Medicaid, Erisa, Cobra, HIPAA, anti-trust, false or deceptive trade practices, false claims act violations and other violations, regulatory actions or litigation brought by state and local agencies that have oversight over their business.
Private companies and non-profit organizations should carry D&O insurance as part of a comprehensive risk mitigation plan, regardless of whether or not they are concerned about exposure to shareholder or debt holder claims. They should be aware that many claims are brought by a wide variety of other types of claimants including, regulators, competitors, vendors, suppliers and even their own customers.
Lawsuits can be time consuming and expensive to defend, taking time away from management of the business and potentially impacting the balance sheet and the ability of the organization to survive, not to mention the personal impact to the Directors and Officer in cases where the organization is not permitted to indemnity or is financially unable to do so. Given the affordability and breath of D&O coverage available, no private company or non-profit organization should go without this coverage. The Wrap+® D&O policy provides numerous options to combine this coverage with the other coverages available under the Wrap+® policy.
The Travelers Wrap+® D&O underwritten by CIS provides broad coverage to address the exposures faced by directors and officers of non-profit organizations and private companies. Directors and Officers Liability provides coverage for defense costs and damages (awards and settlements) arising out of wrongful act allegations and lawsuits brought against a non-profit organization or private company and the organizations board of directors and/or officers. CIS has the tools and the expertise to further tailor coverage to the type of Managed Care account and address any exposures unique to an individual account.
- Entity coverage
- Worldwide coverage
- Broad definition of Insured
- Broad definition of Claim
- Broad definition of Subsidiary
- No Antit-trust exclusion
- Key exclusion carvebacks (Bankruptcy trustees, derivative lawsuits, exempt transactions, employee lawsuits)
- Severability of exclusions
- Automatic Acquired entity coverage (30% assets)
- Spousal and Domestic Partner coverage
- Non-cancelable except for non-payment
- Supplemental Personal Indemnification Limit
- Investigative Expense sub-limit for derivative complaints
"Nothing stated herein affects the terms, condition and coverages of any insurance policy or bond issued by any of the referenced insurers, nor does it imply that coverage does or does not exist for any particular claim or type of claim under any such policy or bond. Availability of coverage referenced in this document can depend on underwriting qualifications and state regulations "
Coverage underwritten by Travelers Casualty and Surety Company of America and its property casualty affiliates, Hartford, CT 06183