OneBeacon Professional Insurance (OBPI), a member of Bermuda-domiciled OneBeacon Insurance Group, is planning to expand its offerings with the addition of a new management liability product for private companies in various industry groups.
According to the OBPI, the management liability coverage for private companies includes options such as directors and officers liability, employment practices liability, fiduciary liability insurance and crime insurance.
Both primary and excess coverage is available, with limits up to $10m, with one convenient application for all coverages, OBPI said.
The new product is in addition to the current available management liability programs for health care and not-for-profit organizations.
In addition, management liability employment practices liability insureds will have access to employment practices risk management services, including a 24-hour hotline offered through the law firm of Jackson Lewis.
OBPI Management Liability vice president Stacy Paquet said the management liability products are flexible, allowing clients the ability to customize and design programs based on their individual needs.
"Expanding our capabilities to private companies is an exciting move which will enable us to bring this same flexibility to a new market," Paquet said.
OBPI provides employment practices liability insurance, management liability and tailored products for organizations including health care provider excess insurance and HMO reinsurance. General liability, property and workers’ compensation coverages are also available for financial institutions.