Diversified Business Organization Liability

Overview
PIA's comprehensive Diversified Business Organization Liability program is designed to cover alternative business structures which are not otherwise covered in its other diversified financial products. This includes - but is not limited to - REITs, private real estate partnerships, Business Trusts and Liquidating Trusts.

Our benchmark policy covers these types of organizations and their directors and officers for Losses incurred in the management and operation of these businesses. The policy also grants coverage for Bump-Up Claims and SEC Investigations, and includes an option for Employment Practices Liability.

• Coverage for costs, charges and expenses relating to formal SEC administrative proceedings (subject to a negotiable sub limit)
• Worldwide coverage extended to all insureds
• Estate, representative and spousal extensions, as well as blanket non-profit outside position liability automatically granted
• Full entity coverage for the insured organization
• Broad definition of insured persons includes those serving on all related committees and advisory boards
• Broad definition of claim includes criminal proceedings commenced by the return of an indictment, a written agreement to toll any applicable statue of limitation prior to the commencement of a proceeding and any Bump-Up Claim
• Broad definition of loss includes punitive damages where insurable
• Final adjudication language for fraud exclusion
• Pollution exclusion with a Side A carve-out
• Very narrow insured v. insured exclusion allowing coverage for: 1) securities claims brought by a security holder; 2) wrongful employment practices; and 3) a claim-seeking contribution or indemnity
• No layoff, downsizing, closing or reorganization exclusion; no class action exclusion; no anti-trust exclusion; no failure to maintain insurance exclusion; no prior acts exclusion; no mandatory arbitration/mediation provision
• No "hammer clause"
• Mandatory advancement of costs, charges and expenses under all insuring agreements
• Full severability of all exclusions and the application
• Policy is non-cancelable by the insurer except for non-payment of premium
• Bilateral discovery
• 90 day automatic coverage for new subsidiaries
• Claims reporting as soon as practicable, but no later than 60 days after expiration
• Automatic terrorism coverage with no additional premium in most cases

Limits of up to $15 million are available on a both a primary and excess basis. The policies are written through Houston Casualty Company, HCC Specialty Insurance Company or U.S. Specialty Insurance Company on both an admitted and surplus lines basis. All are rated A+ by A.M. Best Company and AA by Standard & Poor's.