Travelers Wrap+ executive liability for private companies, available through Big "I" Markets, works like a module: You can pick and choose the coverages your client needs, and you can add or drop coverage as needed.
Product features include:
- Additional defense coverage
- Additional defense limit of liability
- Survives exhaustion of base limit
- Available for each liability coverage elected or shared
- Defense options
- Duty to defend (100 percent predetermined allocation)
- Single retention for claim triggering multiple liability coverages—and no retention if unable or not permitted to indemnify
- Worldwide coverage: claims-made or occurring
- Foreign parent corporation coverage as co-defendant
- Severability of application representations
- Subsidiary acquisition: 25% of assets
- Extended reporting period
- 3-year run-off available for pre-determined premium
- Report potential claims
- Elect by liability coverages
- Duties in the event of claim: triggered by knowledge of executive officer
Insureds also receive access to Risk Management Plus+ Online®, a one-stop resource that provides a set of tools to protect them against costly litigation.
To access this product from Travelers, log in to Big "I" Markets and look for Wrap+ products under the Commercial Product menu.
Please note that community homeowners associations and health care organizations are not currently available through Big "I" Markets.