Zurich in North America introduced Employed Lawyers Select, a new E&O policy that gives in-house counsel coverage against negligence claims.
Highlights of the Employed Lawyers Select include:
- A broad definition of "insured" that extends to contract and part-time employed lawyers, as well as those working under their supervision, such as paralegals, notaries and support staff
- A flexible, extended reporting period of up to six years for the entity, and an option for individual insured person extended coverage
- Broad coverage for moonlighting and pro bono work
- A 3-year look-back provision on insured v. insured exclusion
- 80/20 cooperation clause
- No sublimit for securities claims
- Coverage for pro bono legal services for work with indigent individuals or non-profits often mandated by state bar associations or the company itself
- Punitive damages coverage, subject to most favorable venue wording
- Severability of the application
- Professional services carvebacks to appropriate exclusions including employment practices, pollution and Employee Retirement Income Security Act (ERISA)
- Coverage for claims including any proceeding concerning compliance with the Sarbanes-Oxley Act of 2002
- Coverage for personal injury claims including emotional distress
In addition to Specialties and ZIP, Employed Lawyers Select will also be offered to customers who work closely with Zurich's Financial Enterprises and Healthcare teams.
