RLI Executive PlusTM has key enhancements and extraordinary provisions that provide unparalleled protection for your insureds.
Executive Plus protects the personal assets of the directors and officers when the corporation cannot or will not indemnify or when other insurance has been exhausted or is not available. It provides a stand-alone Side A limit of liability for the directors and officers only, separate from the corporate entity policy.
Our revamped Executive PlusTM coverage includes the following extraordinary provisions:
- No definition of application
- Definition of defense expenses, including extradition expense
- Definition of insured person, including trusts
- Definition of loss, including public offering of securities
- Definition of loss includes civil penalties under the Foreign Corrupt Practices Act
- Bilateral discovery with one, three, or six year quote option
- 60-day unanswered indemnification provision
- No I vs. I exclusion
Our target market includes any publicly traded or large private company that exhibits sound financial practices and has a proven performance record.
Other key Executive PlusTM enhancements include:
Changes in definitions:
- Claim: Explicitly includes arbitration and appeals.
- Defense expense: Explicitly includes extradition, appeal, attachment or similar bond.
- Entity: Explicitly includes debtor in possession language.
- Insured person: Explicitly includes trustees, comptroller, in-house risk manager, employees as co-insured, natural persons serving an outside entity, and trusts.
- Loss: Explicitly includes public offering of securities and Sec. 11 or 12 and civil penalties under Foreign Corrupt Practices Act.
Changes in exclusions:
- Broad EPL carve-back to BI/PD exclusion, explicitly addressing:
- Wrongful failure to employ or promote
- Failure to grant tenure
- Failure to adopt adequate workplace or employment policies and procedures
- Claims by securities holders
- Full severability of exclusions
Changes in conditions:
- Automatic renewal language
- Fully non-rescindable
- 50% M&A threshold
- Bilateral discovery with one, three or six year option
- Domestic partner extension