Market Information for Each Insurer Based on 3 Categories:
- Targeted Insureds by Size
- Targeted Insureds by Industry
- Prohibited
Insureds
Updates inside the full report include:
- 59 pages with 11 different kinds of
charts comparing 26 of the most prominent insurers
writing private company management liability insurance
- An examination of how both rates and deductibles are
rising
- A breakdown of which insurers are offering defense-only
wage and hour coverage, and which ones are offering
defense and settlement wage and hour coverage
- Analysis of Insurance Services Office, Inc./Verisk policy
wording and risk management services
- A look at how directors and officers (D&O) and
employment practices liability (EPL) coverage offerings are
hardening
- A survey of pandemic-related exclusions and extensions
expectations from participating insurers
- An estimate of management liability insurance written
premium
- A breakdown of the differences in coverage lines
offered from insurer to insurer
- Trends in the offering of duty-to-defend versus
indemnify forms
- A look at how rising ransomware incidents are
impacting the market and deductible amounts
Why The Betterley Report?
Agents and
Brokers—Sell more and grow revenue by pinpointing errors in
competitors' policies/proposals.
Risk Managers and Insurance Buyers—Identify, eliminate, or
avoid coverage gaps with coverage comparison charts.
Underwriters—Research competitors with quick policy
comparisons.
Attorneys—Keep up with year-to-year trends in policy form
development.
Consultants—Identify markets and match them up to your
clients' needs.
Management liability concerns extend far beyond the
realm of publicly traded companies. Private companies can face equally
challenging D&O and EPL exposures. For some private companies without the
financial resources of large public companies, adequate insurance coverage
becomes all the more critical.
Imagine that you or your privately owned client is faced with troubling
allegations of wrongdoing against not only the company itself, but also the
individual leaders of the organization. Suddenly, you or your client is faced
with rising legal costs and the threat of a potentially significant settlement
that could set the company back for years financially.
- "What are the best insurance products available to
protect against this circumstance?"
- "How can financial losses be
minimized?"
- "How could my company (or my client) have been better
prepared for this liability?"
Depending on whether you are the risk manager, the agent or broker, the
consultant, or any other role, these are likely the questions you are asking
yourself. In today's litigious environment, in which private companies can
face many of the same exposures that their public company counterparts are
confronted with, adequate insurance and risk management is a must.
The "Private Company Management Liability Insurance Market Survey"
edition of The Betterley Report compares and contrasts the options
available in the insurance marketplace to address scenarios like this and sheds
light on the specific knowledge that can help any risk management and insurance
professional better address private company management liability exposures.
Following a general overview of the state of the private company management
liability insurance market, the report dives into the trademark feature offered
in each edition of The Betterley Report: Incomparably detailed
charts comparing the leading private company management liability
insurers. These comparison charts allow readers to see how each of the
insurers stacks up with the others in terms of:
11 types of insurer comparison charts available in full
report:
These comparison charts allow readers to see how each of the insurers
stacks up with the others in terms of:
- Contact and Product Information
- Lines of Coverage Available
- Market Information
- Limits Options Available and Cost
- Limits, Deductibles, Coinsurance, and Commissions by Coverage
- D&O Limits Usually Purchased by Insurer’s Insured
- Policy Type and Definition of Insured
- Claims Reporting, ERP, Selection of Counsel, Consent To Settle
- Preset Allocation of Defense Costs
- Exclusions
- Risk Management Services and Charges
Sample Market Information from Full Report
Below is a small sample of the information that is available for each of the
insurers via the 11 different types of charts included in the full report.
| Market
Information |
| Insurer |
Target Markets Size of
Company |
Target Markets
Industry |
Prohibited
Insureds |
Prohibited States |
Is Product Available to
Insureds Located Outside of the U.S.? |
| Berkshire Hathaway Specialty |
Private companies with revenues greater than $25 million |
All except prohibited classes |
Gun manufacturers; government entities; third party administrators
(TPA); cryptocurrency exchanges; cannabis companies; professional
employment organizations |
Available in all states, either on admitted or surplus paper as
applicable |
Yes, where permissible by law |
| Limits Options
Available and Cost |
| Insurer |
Insurer Offers Separate Annual
Aggregate for Each Coverage? |
Insurer Offers Combined Annual
Aggregate for All Coverages? |
Insurer Offers Combined
Multiyear Aggregate for All Coverages? |
Discount Range for Other Than
Per Coverage Annual Aggregate |
Insurer Offers Reinstatement of
Limits? |
| Cincinnati |
Yes |
Yes, for D&O, EPL and Fiduciary |
10% |
No |
No |
| Claims Reporting,
Extended Reporting Period, Selection of Counsel, Consent to
Settle |
| Insurer |
Claim Must be Reported
When? |
Extended Reporting Period
Options and Cost. Is ERP Bilateral? |
Who Selects Counsel? (If
Insured, is Panel Counsel Required?) |
Defense Costs Advanced as
Incurred? |
May Insurer Settle W/Out
Consent of Insured? If Hammer Clause is Included, how is It
Applied? |
| Berkley Select |
Written notice: As soon as practicable but no more than 90 days
after the expiration of the policy period |
Bilateral 1 Year – 100% 60-day automatic ERP included at no
cost |
Carrier; insured may request own counsel, subject to carrier
approval |
Yes
|
No Policy includes 80/20 settlement provision |
Your Objective Source: A Renowned Industry Expert
Richard S. Betterley, LIA, is the president of Betterley Risk Consultants
(BRC), an independent insurance and alternative risk management consulting
firm. BRC, founded in 1932, provides independent advice and counsel on matters
important to the commercial property and casualty insurance industry and its
customers, alternatives to traditional insurance, and related services
throughout the United States. It does not sell insurance or related
services.
Mr. Betterley is a frequent speaker, author, and expert witness on specialty
insurance products and related services. He is a member of the Professional
Liability Underwriting Society and joined the firm in 1975.
Mr. Betterley created The Betterley Report in 1994 to be the
objective source of information about specialty insurance products. Now
published six times annually, The Betterley Report is known for its
in-depth coverage of management liability, cyber-risk, technology, intellectual
property, and media insurance products.
Next Issue: October 2019
Cyber Insurance for Healthcare Market Survey
The Betterley Report, your independent guide to specialty insurance
products, is a series of six comprehensive reports published annually by
Betterley Risk Consultants and distributed by International Risk Management
Institute, Inc. (IRMI).
The Betterley Report may be accessed by subscribers on IRMI Online
or Vertafore ReferenceConnect. To purchase a subscription, call IRMI Client
Services at (800) 827–4242 or learn more on IRMI.com.
Betterley Risk Consultants is an independent insurance and alternative risk
management consulting firm. Founded in 1932, it provides independent advice and
counsel throughout the United States. It does not sell insurance nor provide
insurance-related services.
Betterley Risk Consultants, Inc.
235 Forest Lake Rd. • Friendship, Maine 04547
Phone (774) 262–3460
email: [email protected]
The editor has attempted to ensure that the information in each issue is
accurate at the time it was obtained. Opinions on insurance, financial, legal,
and regulatory matters are those of the editor and others; professional counsel
should be consulted before any action or decision based on this matter is
taken. Note: all product names referred to herein are the properties of their
respective owners.
The Betterley Report is published six times yearly by Betterley
Risk Consultants, Inc. This material is copyrighted, with all rights reserved.
ISSN 1089–0513