Travelers bond adds miscellaneous professional liability to portfolio
Travelers Bond has added miscellaneous professional liability (MPL) to its current executive liability products, which include employment practices liability, D&O liability, fiduciary liability, crime and kidnap & ransom/extortion. MPL provides coverage for negligence in the performance of services for a fee where a reasonable standard of care is expected. Targeted businesses include consultants, employment agencies, funeral directors, graphic designers, printers and publishers.
Coverage is written on a claimsmade basis and reported policy with “duty to defend” and “pay on behalf of” wording, prior acts coverage, and $10,000 defense coverage outside of retention for disciplinary proceedings. It is available in about 25 states and expected to be available on an admitted basis in most states by the end of 2002.
Copyright Rough Notes Co., Inc. Jun 2002
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