Executive Risk insurance policies protect firms, and their management, from a variety of claims originating from the day-to-day operation and conduct within a business. Most firms purchase multiple coverages bundled within a package of policies. Greyling can explain and align the various policies against your firm's needs and individually broker these types of policies for ACEC BIT Program firms like yours. The various policies available are summarized below.
DIRECTORS & OFFICERS / MANAGEMENT LIABILITY
Directors & Officers (D&O) or Management Liability insurance policies address the risk that the firm or individual members of firm leadership are faced with a claim related to the management of the company. Common claims involve allegations of financial mismanagement, breach of duty to shareholders or employees, conflicts of interest, theft of another firm's information or trade secrets, unfair competition, or misconduct associated with mergers and acquisitions.
EMPLOYMENT PRACTICES LIABILITY
Employment Practices Liability insurance (EPLI) covers claims related to employment matters and contacts, such as wrongful discrimination, harassment, termination, refusal to hire or promote, retaliation, and other actionable differential treatment. In today's social environment, any firm is a potential target for employment litigation, and EPLI is a critical component of protecting the firm from substantial defense costs and possible indemnity or settlement expenses.
Fiduciary Liability insurance protects a firm and persons responsible for managing financial affairs from claims alleging misconduct with respect to funds held or managed as a fiduciary, such as a corporate 401k plan.
Commercial Crime insurance covers claims related to the theft of money, securities, or other business property by employees or third parties.
KIDNAP & RANSOM
Kidnap & Ransom (K&R) insurance is important when your firm operates in certain high risk or politically unstable jurisdictions. K&R insurance can provide both quick access to funds needed to respond to ransom demands for release of captured personnel and protection from expenses such as medical attention, repatriation, and emergency response during a kidnapping event.
For more information about the types of claims commonly seen in the engineering industry or limits typically purchased by peer firms, please contact an insurance specialist at Greyling at
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