The Impact of COVID-19 on ESOP Executive Liability Insurance

Denise GillinAlternative Risk, ESOP

By Patrick J. Dixon, Account Executive, and Jeff Gelburd, CPCU, ARM, Vice President As we continue to work through the current pandemic, ESOP companies considering purchasing or renewing Executive Liability Insurance (D&O, Fiduciary, EPL, and Crime) should know that the insurance marketplace is taking measures on new applications as well as upcoming renewals. Read how it may impact >>> Murray, an ESOP Company, administers an affinity insurance program endorsed by The ESOP Association since 1989. The Program offers D&O, Fiduciary, EPL and Cyber Liability insurances to ESOP companies. If you have questions, contact Patrick (717.725.3203) or Jeff (717.579.1485).

Current Trends in Esop Insurance

Denise GillinESOP, News

The following article by Jeff Gelburd, Vice President, and Patrick Dixon, Account Executive, of Murray appeared in the March 2020 edition of The ESOP Association newsletter. Litigation, Other Factors are Affecting the Availability and Pricing of Products Available to Protect ESOP Companies and Executives Over the last 30+ years, corporate members have benefited from the affinity insurance program endorsed by The ESOP Association. More than 300 ESOP companies are served by this program, which provides Director’s and Officer’s, Fiduciary Liability, Employment Practices Liability, Crime, and Cyber insurance. Murray – a 25-year old ESOP insurance broker headquartered in Lancaster, PA – administers this insurance program. Within the past five years, we have seen tremendous change in the insurance available to those …

ESOP Association Regarding Employee Ownership

Denise GillinESOP, News

The ESOP Association is pleased that employee ownership arose in the Democratic party Presidential debate last night and that multiple candidates were able to vocalize their support. We believe more Americans need to know about and participate in employee ownership—especially ESOPs, which are the largest and most common form of employee ownership—and would encourage greater discussion about this important form of business ownership in America. Read more here.

Celebrating 25 Years as an ESOP: What employee ownership means for our clients

Jeff GelburdESOP, News

You may have heard that Murray is an employee-owned or ESOP (Employee Stock Ownership Plan) agency. What, exactly, does that mean if you are a Murray client or prospective client? Empowered Employees Employee ownership empowers employees. By giving employees the autonomy and flexibility to make judgement calls based on the customer’s needs, we streamline processes and increase customer satisfaction. Our employee-owners know their actions affect their customers, and ultimately, the success of our agency, and they take ownership of their decisions. In short, your success is their success. Preservation of Company Culture Many of our competitors have been involved in mergers and acquisitions that have distracted their employees, disrupted their culture and had a negative impact on the quality of …

Benchmarking Limits of Liability for ESOP Companies

Jeff GelburdESOP

As an employee-owned insurance broker, Murray administers an affinity insurance program for executive liability insurance. This program is open to insurance agents and brokers throughout the country, and is endorsed by The ESOP Association (TEA) and underwritten by Great American Insurance Group. The Program has been providing coverages to Employee Stock Ownership Plan (ESOP) companies since 1989, and now offers cyber liability insurance. ESOP companies in need of director’s and officer’s (D&O), fiduciary liability, or employment practices liability (EPL) insurance often struggle with the limits of insurance to purchase. This report – the third of its kind in the last ten (10) years – benchmarks limits of liability based on: Company asset size (D&O); ESOP plan assets (fiduciary liability); and Employee …

Executive Liability Insurance for ESOP Companies and Their Executives

Jeff GelburdBusiness Insurance, ESOP, Insurance

The ESOP (Employee Stock Ownership Plan) Association’s endorsed Executive Liability Insurance Program allows its members to purchase insurance protection in the areas of (i) Directors and Officers Liability, (ii) Fiduciary Liability, (iii) Employment Practices Liability and (iv) Crime. Additional coverages are now available such as Cyber Liability Insurance on a group basis thereby providing members with more competitive policy premiums and coverage terms than if they were purchasing this protection by themselves in the traditional marketplace. The program is underwritten for Association members on an exclusive basis by Great American Insurance Company and is endorsed by the Association. Shared Vs. Separate Policy Limits Typically, the D&O, Fiduciary and EPL coverages can be purchased under one policy. The criteria of corporate …

Executive Liability Insurance: What to Expect in 2017 and Beyond

Jeff GelburdBusiness Insurance, ESOP, Insurance

ESOP companies should be aware of several important changes that are taking place in the markets for Directors & Officers (D&O) Insurance and Fiduciary Liability Insurance. Here is a quick summary of important trends: Premium increases have leveled off. For the past several years, renewal premiums on existing policies had been on the rise. However, for the past several quarters premiums have not been rising, and we expect them to remain level for the remainder of 2017 for accounts that are claim free and in good financial standing. Minimum premiums for D&O and Fiduciary type policies generally start at $5,500 for a $1,000,000 limit of liability. Broader protection is available on most policies. Insurers have been expanding their coverage, and …