A division of OneBeacon Insurance Group debuted new policy forms designed to deliver more comprehensive coverage to a broad range of organizations. Embroker launched a fully digital directors and officers insurance policy designed for venture capital-backed tech startups.
OneBeacon Management Liability, a member of OneBeacon Insurance Group, introduced new management liability primary policy forms designed to deliver more comprehensive coverage to a broad range of organizations.
The modular policy approach is intended to help minimize gaps in coverage as well as provide flexibility to tailor coverage based on each client’s unique exposures.
Product features vary based on the covered organization but can include: a single convenient application for all coverage lines; the ability to share or separate the liability coverage section limits; e-discovery consultant services available under the liability coverage sections; and voluntary mediation retention credit, up to $25,000, under the liability coverage sections.
The policies are written on an admitted basis and will be available in most states.
Embroker, a digital commercial insurance brokerage, launched a fully digital directors and officers insurance policy designed for venture capital-backed tech startups.
The D&O policy is part of Embroker’s new digital Startup Program, which also includes employment practices liability and fiduciary liability insurance, its first through a new partnership with Munich Re’s Digital Partners. The coverage is available instantly and reinsured by Munich Re.
The new Embroker D&O coverage is available for purchase by mid-market companies directly online, with coverage available to growth stage and pre-IPO businesses with up to $250 million in funding. Startups are typically required to purchase D&O insurance as a condition of VC investment, but the traditional process involves sharing sensitive and confidential financial information. Embroker’s Startup Program does not require sharing any sensitive financial information, and the process can be completed online within minutes.
The Embroker program is available in all 50 states to U.S.-based startups that have raised up to $250 million.
Sources: OneBeaon, Embroker