Product Update

Miscellaneous Professional Liability Exposures and Insurance Coverage in Professional Liability Insurance

This Professional Liability Insurance release contains a major revision of the exposures and insurance coverage sections that analyze miscellaneous professional liability (MPL) policies.

With the proliferation of losses caused by data breaches during the past 5 years, a significant minority of MPL insurers have begun to offer cyber and privacy coverage within their forms. Two of the most common cyber-related insuring agreements they offer include coverage for (a) information security and privacy liability exposures and (b) losses caused by social engineering/fraudulent instructions. Another key feature discussed in this release is affirmative coverage for personal injury exposures now included in MPL policies, which (while not excluded) was never explicitly covered in previous generations of MPL policies. Another critical section within this release details the manner in which endorsements can customize MPL policies to better address the often unique exposures generated by certain MPL professionals. This discussion classifies these endorsements into four broad categories: (1) generic/expansionary, (2) profession-specific/expansionary, (3) generic/restrictive, and (4) profession-specific/restrictive. This categorization approach facilitates an understanding of the coverage impact these numerous endorsements can have on MPL policies.

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