Chubb Names D&O Administrator
By Mark E. Ruquet
NU Online News Service, Sept. 13, 11:00 a.m. EST?The Chubb Group of Insurance Companies has named Chicago-based broker Near North Insurance as the preferred program administrator for Chubb's not-for-profit directors and officers liability product.
Warren, N.J.-based Chubb said in a statement that it chose Near North, in part, because "it is dedicated to effectively managing the specific insurance and risk management challenges of not-for-profit organizations," said Leo Lemmelin, vice president of Chubb & Son, and underwriting manager at Chubb Specialty Insurance.
Chubb said the program offers:
? Optional punitive damages protection, where insurable.
? A broad definition of "insured person" that includes the entity.
? Automatic protection for excess benefit taxes imposed by the IRS.
? A duty-to-defend form.
In addition, the company said, employment practices liability protection for allegations of discrimination, wrongful termination and harassment is automatically included.
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