We understand that one benefit of forming a corporation is to protect individuals from liability risks. Directors and Officers of a corporation are typically immune from liability, but some courts allow creditors to seize personal assets. Board members can be sued by an employee or third party who asserts a claim for non-bodily injury.
Employment practices like termination and discrimination are the largest exposure in these types of claims. Organizations with a small, friendly staff may feel that it’s unlikely they will experience employment claims resulting in a lawsuit. Consequently, they might not think it necessary to carry D&O insurance. However, when employees feel they have been wronged and are angry, they may file a claim even if it is baseless. At that point, the company will have to hire a lawyer.
As an insurance agent or broker, you can provide a more practical, cost-effective alternative to incurring substantial legal fees. You can help directors and officers obtain a legal defense policy from Prime Insurance Company. This coverage protects property, cash, securities, and other assets if an incident, claim, or lawsuit occurs.
In today’s litigious society, it’s important to educate insureds that a liability exposure is time-consuming and costly to defend. What if there is no corporate veil? What if the judgment exceeds the limits of standard coverage? We will customize a plan to cover these risks and exposures for your clients.
Prime takes an all-in-one approach to D&O liability insurance. We can incorporate the coverages your clients require under one policy. Available options include:
Many directors and officers face significant liability exposure, and some insurance providers won’t cover these risks. That’s where Prime can step in and offer coverage. We focus on providing protection for individuals or entities that have been declined coverage or had their policies canceled or nonrenewed. We also can take on applicants with an excessive claims history. We can even cover the gaps and exclusions in existing plans, providing true peace of mind.
Our commitment to service goes above and beyond what other D&O insurance providers offer. Our flexible underwriting enables us to deliver a range of custom solutions that meet each policyholder’s unique requirements. We provide top-notch claims service as well. Our claims hotline is available 24/7 to facilitate a fast filing process. We also handle the settlement process quickly, efficiently, and fairly. Our team of adjusters and attorneys works hard to combat frivolous or unfounded claims.
It’s crucial to choose a D&O insurance provider that will be there when times get tough. Prime is a financially stable company that has the resources to handle every claim. We’re proud to have earned an “A” (Excellent) rating from AM Best, a leading credit rating agency serving the insurance industry for nearly 125 years.
Prime has also earned a Financial Stability Rating® of A” (A Double Prime), Unsurpassed, from Demotech, Inc. The most current Financial Stability Rating® must be verified by visiting www.demotech.com. We have the resources to handle claims and meet all our other financial obligations.
As an insurance producer, you can benefit in many ways when you work with Prime for D&O liability coverage. We offer:
Personal connection: Unlike those insurance providers that take an automated approach, we make an effort to connect with producers and policyholders on a personal level. We’re available to answer your questions, address your concerns, and help you in any way we can.
We’ve streamlined our application process to save time and eliminate hassles when applying for D&O liability insurance. Applicants will need to follow a few steps and provide some key information:
Once we receive the application, we’ll schedule a convenient time to discuss the information by telephone. We’ll then conduct a final review and issue a quote for your approval.
If you have questions about D&O liability coverage, give us a call at 800-257-5590 or contact us online today.Get a Quote!