Elements is a flexible insurance policy that allows public, private and non for profit companies to obtain market-leading management liability, employment practices, and fiduciary liability coverages for risks that threaten the company, management, employees, boards of directors and others. The policy allows them to choose Directors & Officers Insurance (D&O) and/or Employment Practices Liability Insurance (EPL) and/or Fiduciary Liability Insurance in any combination with shared or separate limits.
Included in all Elements policies:
- Spousal extension includes domestic partners
- Materials, other than signed insurance applications, limited to12 months prior to policy inception
- Punitive damage coverage (whereinsurable)with most favorable venue language
- Worldwide application of coverage
- Flexible claim sreporting provision allows claims to be reported as soon as practicable and up to 60 days post policy expiration, provided that they are reported
- Automatic coverage for acquired Subsidiaries
- Broad definition of damages including arbitration awards; punitive, exemplary, and multiple damage awards; and pre-and post-judgment interest
- Non-rescindable coverage for non indemnifiable claims
- Flexible defense and settlement options
- No pyramiding of limits between coverages when separate limits are purchased
Included in Fiduciary Liability coverage:
- Broad definition of Insured
- Extends to the plans and to all of the insured company’s officers, sponsor organizations and employees charged with fiduciary or administrative responsibility for employee benefit plans.
- Sublimits available for Voluntary compliance penalties levied by the IRS, UK fines and penalties, and Delinquent 5500 filer penalties