The NAMIC Insurance Company Professional Liability Insurance Program (Program) offers NAMIC member companies, their business partners and related insurance industry entities a suite of professional liability products tailored to the needs of the insurance industry. The Program is offered exclusively through NAMIC Insurance Agency (Agency), using policies issued by NAMIC Insurance Company (NAMICO) and NAMICO's business partners. For almost 30 years the NAMIC Insurance Solutions pledge of Creative Solutions and Outstanding Service has earned the trust and loyalty of companies large and small.
Combined D&O / ICPL
Our most popular policy, the Combined provides both Directors & Officers (D&O) and Insurance Company Professional Liability (ICPL) professional liability insurance with a single shared limit. Merging both coverages, on a shared limit, reduces your cost in comparison to purchasing separate limits.
The monoline Directors & Officers (D&O) policy provides the D&O coverages found in the Combined, but without the ICPL coverages. By purchasing this policy, member companies are certain the full limits are available for the protection of their directors and officers.
The monoline Insurance Company Professional Liability (ICPL) policy includes the same ICPL coverages found in the Combined, but with the policy limits available only for ICPL actions against the company and its employees in carrying out the business of an insurance company.
Insurance Agent Errors & Omissions (Agents E&O)
Insurance Agents need E&O coverage, and NAMIC Insurance Solutions has always worked hard to provide the agents of NAMIC member companies with an E&O policy and underwriting guidelines that meet the needs of mutual property & casualty agents.
The Program operates in most states as a surplus lines carrier, which provides great flexibility in tailoring special endorsements for an insured's specific needs. This enables NAMIC Insurance Solutions to make the promise of Creative Solutions | Outstanding Service, a promise upon which we deliver every day. Examples include management of other mutuals, special agent employees, derivative claim investigative expenses, and D&O excess indemnification coverage.
Available on the Combined, D&O monoline, and ICPL monoline, the Employment Practices Liability insurance (EPLI) offers a broad range of coverages to protect the company, employees and directors and officers from claims arising out of employment related actions, as well as potential discriminatory acts.
Trustee and Fiduciary Liability Endorsement
Available on the Combined, D&O monoline, and ICPL monoline, the Trustee and Fiduciary Liability insurance endorsement (T&F) provides coverage for trustees and fiduciaries of employee benefit plans.
Data Breach Coverage Endorsement
NAMICO's newest product line offers data breach coverage benefits at an easily affordable price for mutual insurers with assets under $10 million. While coverage is not as broad as found in more expensive forms, the endorsement has limits of $50,000/$500,000 or $100,000/$1 million for data breach resolution coverage and third-party liability, respectively. For companies seeking broader coverage, Agency has choices available outside the Program.
In addition to being the sole distribution source for the NAMIC Program, Agency also has special coverages available for NAMIC member companies and business partners including Fidelity Bonds and Cyber Coverage (companies over $10 million in assets, or which seek to purchase broader cyber coverage). These policies round out a company's or agency's professional liability coverages with coverage features tailored for the mutual industry.
For companies seeking broader coverage, Agency offers a non-program Cyber Coverage for companies over $10 million in assets, or who seek to purchase broader cyber coverage.
Employee Dishonesty Coverage (Fidelity Bond)
Every insurance company, regardless of size, faces a loss from the acts of dishonest employees.
Identity theft coverage pays the charges to restore your employees' and customers' credit.
Kidnap and Ransom
Kidnap and ransom insurance includes coverage for monies paid to kidnappers or extortionists, loss of ransom in transit, and other expenses incurred as a result of a kidnapping.
Miscellaneous Professional Liability
Providing coverages for negligence in the performance of services, Miscellaneous Professional Liability covers errors and omissions, for processional service providers, when a reasonable standard of care is expected.