Miscellaneous Professional Liability
Protecting your business in today’s changing marketplace.
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Coverage Details
- Up to $5,000,000 in limits
- $5,000 minimum deductible and premium
- Primary and excess
- Duty to defend
- Tailored definition of professional services
- Supplementary payments for:
- Defense for Disciplinary Proceedings
- Subpoena Expenses
- Loss of Earnings
- Punitive damages where insurable by law
- Broad definition of Insured to include: independent contractors, joint ventures, and subsidiaries
- Automatic coverage for subsidiaries
- Personal Injury coverage for bodily injury/ property damage
- Pecuniary interest of up to 20%
- Innocent insured coverage for alleged fraud and discrimination acts and defense provided for such claims through judgment or final adjudication
- Allocation of defense and damages for covered and uncovered matters
- Defense and Settlement 75% / 25%
- Automatic Acquisition Threshold 20%
- Available for certain classes:
- Contingent bodily injury/property damage
- FDCPA/FCRA/TCPA
- Real Estate risks:
- Owned property carve back available
- Cyber Suite Endorsement
- First party coverages: Data compromise response, computer attack, cyber extortion, misdirected payment fraud, computer fraud, telecommunications fraud, identity recovery
- Third party coverages: Privacy incident, network security and electronic media liability
- Our paper is Bridgeway Insurance Company, rated A+ (Superior) by AM Best.
Target Classes
Claims scenarios
Collection Agent: A collection agent uses robot dialing and does not scrub for cell phones. Calling system dials a cell phone number multiple times. Owner of the cell phone files suit against agent for TCPA violation. Each call is an individual violation. This practice often times leads to class action status.
Consultant: A consultant provides a strategy to a client in order to attract more business. The consultant failed to get accurate information of the demographics of the area. The client relies on the faulty advice and the business does not grow. The client then sues, alleging loss of income due to improper fact verification and misrepresentation.
Property Manager: A property manager was contracted by the owner to manage a retail space. Tenants did not renew their leases as the property manager did not upkeep the property properly. The owner sued the property manager for negligence and breach of contract, alleging loss of income due to his lack of maintaining the property.
Phishing Email: All 27 employees of a financial consulting firm received a phishing email. One of them clicked on the malicious link and entered their credentials, allowing the cyber criminal to pirate their email account and access clients’ personal identification and confidential information. Digital forensics were needed to determine how the breach occurred and its scope and legal counsel was required to determine how the firm should respond. The affected individuals were notified and provided credit monitoring and case management services.
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About Munich Re Specialty
Munich Re Specialty – North America products and services are offered by and provided through insurance companies and producers/surplus lines brokers that are eligible or licensed in accordance with the laws and regulations of individual jurisdictions. Products and services are not available in every, and may vary by, jurisdiction. The information provided on this site is intended as general information only and does not constitute an offer to sell or a solicitation to purchase insurance or non-insurance products and services. Please be aware that the insurance policy and not any information provided on this site will form the contract between the parties thereto, and will govern in all cases. Munich Re Specialty – North America’s insurance products and services in the United States, Canada, and the United Kingdom are underwritten and provided by or through one or more of the insurers, producers/surplus lines brokers that are members of the Munich Re Group identified below. Each company is financially responsible only for insurance policies it has issued.
For more information on Munich Re Specialty, including licensing, regulatory-required, and other information on the operating companies, please click here.
