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PFAC, Dominion Insurance and underwriters at Lloyd’s of London have collaborated to offer these valuable errors & omissions policy features to PFAC members:
Broad Range of Covered Capacities. Coverage applies to work performed as a guardian, conservator, executor, receiver, estate, trust or bankruptcy administrator, trustee, representative payee, care manager, daily money manager or agent/attorney in fact under a durable power of attorney.
Coverage for Bodily Injury to Conservatee. Underwriters have granted a special exception to the standard bodily injury exclusion such that any bodily injury sustained by a ward or conservatee as a result of an act, error or omission of the Assured will not be excluded from coverage.
Input into the Selection of Defense Counsel. Unlike most other policies, the Assured has the right to approve who is appointed as defense counsel in the event of a claim.
Punitive Damages Coverage. Where allowable by state law, the policy definition of covered damages is expanded to include punitive damages, pre and post judgment interest.
Reduced ADR Deductible. In the event that a claim is resolved by Alternative Dispute Resolution, i.e., arbitration or mediation, the applicable deductible is reduced by 50%.
Coverage for the Defense of Alleged Intentional Torts. The Lloyd's policy specifically provides coverage for the defense of claims based on allegations of intentional, fraudulent, criminal or malicious conduct regardless of the ultimate outcome of the litigation.
Innocent Insured Coverage. Any Assured who does not participate in alleged intentional acts will be fully indemnified against vicarious liability for any Assured who is actually held liable for such torts. In addition, innocent Assureds do not lose coverage when without their knowledge another Assured breaches the policy's claims reporting requirements.
Affordable Tail Coverage. In the event of policy non-renewal, either by the carrier or the Assured, the Assured may purchase a 12-month extended reporting period (Tail) endorsement for an amount equal to 100% of the expiring premium. Thereafter, the cost of renewing the tail would normally decline steadily in subsequent years.
60-day Free Automatic Tail. The policy grants a free, 60-day tail period following the normal expiration date.
Low Cost Retirement Tail Coverage. Under retirement provisions of the policy, the cost of tail coverage declines to as low as 50% of expiring premium depending upon the number of years the Assured has been with the program.
Prior Acts Coverage Extension. Normally, claims made coverage extends back to the date from which the Assured has had continuous, uninterrupted coverage. However, because professional liability insurance has not been readily available to professional fiduciaries until the advent of this program, Lloyd’s underwriters have expressed a willingness to deviate from standard industry practice and consider extending the retroactive date of coverage back to when the Assured first started in practice. This extension will be available, in the underwriter’s sole discretion, to those Assureds who secure coverage during the first year of the program and remain claims free throughout that first policy period.
Proven Track Record. With over 300 years experience, Lloyd's has an outstanding reputation for integrity, reliability and stability. Lloyd's is known not only for outstanding claims handling, but for commitment to long-term relationships with its Assureds as well.
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