Management and Professional Liability
Combat Risk and Rising Litigation Trends
Our Management and Professional Liability policy was designed especially for credit unions. This policy helps ensure that your credit union, staff, directors and volunteers are protected.
Overdraft lawsuits have plagued the financial services industry over the last few years and often result in multimillion-dollar settlements. More than ever, credit unions are being targeted in these lawsuits which could have crippling effects.
- Industry-leading coverage helps protect your credit union, staff, directors and volunteers.
- Third-party litigation team is 100% dedicated to helping you navigate through the complex world of litigation in the event of a lawsuit brought against your credit union.
- Direct, multi-channel access to our Risk & Compliance Solutions team of consultants always ready to help you manage your most pressing risks and compliance concerns.
- Tools and resources for better protection against emerging risks.
- Efficient online processes and interactive forms to submit claims and manage policies.
- Management Liability - Protects your credit union and the personal assets of your directors, officers, volunteers and employees against lawsuits related to management of your credit union.
- Lender Liability - Pays on behalf of any insured, loss as a result of a claim brought by a borrower for a wrongful lending liability act or a wrongful vicarious lending liability act.
- Fiduciary Liability - Pays on behalf of any insured, loss as a result of a claim for a wrongful fiduciary liability act.
- Professional Liability - Pays on behalf of any Insured, Loss as a result of a claim for a wrongful credit union services liability act.
- Employment Practices Liability - Protects the credit union and other insured persons such as directors, officers or employees for loss they are legally obligated to pay related to current, past, future or prospective employment for employment practice violations.
- Enhanced Defense Reimbursement - First-of-its-kind industry coverage that provides reimbursement for defense costs associated with certain losses that are otherwise excluded from any policy. Expanded to include reimbursement of defense costs for lawsuits alleging violation of Telephone Consumer Protection Act (TCPA). Policy changes are effective upon renewal (on or after October 1, 2017) and are dependent upon state approval.
- Personal Excess Liability - Provides a stand-alone limit for each named insured person when the Management Liability Individual coverage limit has been exhausted.
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