NIF Pro is the specialty division within NIF Group, Inc. providing Management & Professional Liability products to our producers for their existing and potential clients.
NIF Pro was initially formed in 1994 with expertise in these lines and our knowledge has kept pace with the industry by focusing on these products exclusively. We monitor new coverage developments, movements of Underwriters within the marketplace and remain abreast of current legal and economic conditions that relate to our products. Dealing with Claims-Made policy forms every day, we are also a resource for issues relating to retroactive coverage, prior & pending litigation, extended reporting periods etc.
We always deliver a prompt response and excellent service. 100% wholesale, our mission is to assist the Independent Agent by adding value to each and every transaction and increasing your profitability. By working as your own marketing department, or as an extension thereof we save you time (and therefore money); increase your bind ratio by consistently delivering excellent quotations; and provide you with assistance in generating new business submissions.
Areas of Specialization
Professional Liability or Errors & Omissions (E&O) Insurance provides coverage for defense expenses and losses arising from actual or alleged wrongful acts in the performance of professional services for others for a fee.
For certain Specified Classes of Professional Liability the marketplace has developed dedicated policy forms. All other classes of business may be addressed by using a Miscellaneous
Professional Liability policy form, with
the covered services to be specifically negotiated for each Insured.
Related Professional Liability products include Media Liability, coverage for personal injury & intellectual property liability arising from the content of created media; stand alone Intellectual Property Infringement Liability; and various additional Technology & Security coverages. Please contact an NIF Pro employee to discuss these ancillary coverages.
Directors & Officers (D&O) Liability is the exposure of corporate board members and officers to lawsuits arising out of their actions, decisions and good-faith mistakes regarding the management of their organization. D&O Liability insurance protects the personal assets of directors and officers from defense expenses and losses, along with insuring the company’s assets from liability incurred by indemnifying their D&O’s, and in certain cases insuring lawsuits against the company itself (the entity).
Lawsuits against directors and officers may be brought by current or former employees, competitors, vendors, suppliers, regulators, shareholders, the corporation itself, volunteers and donors (in the case of nonprofit organizations), and others. Any organization with a Board of Directors should purchase coverage. Employers today are faced with increased legal obligations while managing their workforce. From the hiring process to the exit interview, companies are vulnerable to an employment related lawsuit. Whether a company is large or small, they are a target of legal action by past, present or prospective employees.
Employment Practices Liability Insurance (EPLI) protects a company against damages for events relating to their workforce, including but not limited to wrongful termination, harassment, discrimination and unfair hiring practices. It also provides defense costs associated with responding to employment related lawsuits and investigations. Any company with employees should purchase Employment Practices Liability Insurance.
Related Management Liability products include General Partners Liability, coverage similar to D&O but for Partnerships and their General Partners; Fiduciary Liability, coverage for liability arising from ERISA welfare & benefit plans; Side A only D&O Liability; Kidnap & Ransom and Transactional Insurance products including Representations & Warranties. Please contact an NIF Pro employee to discuss these ancillary coverages.
Financial Institution Management and Professional Liability exposures have increased drastically due to regulatory and public scrutiny, increasing the demand for relevant insurance coverages, including D&O, E&O, General Partners Liability and Fiduciary Liability. Pressure on large banks to divest specialty operations, along with layoffs of talented financial professionals, have led to tremendous growth in the volume of start-up firms.
With new prospects, and increasing interest, the market is ripe for insurance agents and brokers to solicit financial firms. Many of these firms carry small staffs and lower P&C exposures, with large Management and Professional Liability exposures. The M&P exposures may make up a large portion of their insurance budget, so the brokers selected and the coverages offered will be scrutinized.
With decades of experience and a substantial, growing book of business, NIF Pro can help you win this business and navigate the marketplace.
Asset & Investment Management, including Registered Investment Advisors and Investment Fund Management firms, are placed by NIF Pro. In particular, Private Investment Fund Management is a very active segment of the market. This class includes Hedge Funds, Private Equity, Real Estate Investment Funds, Venture Capital and other alternative investment funds. As of the end of 2012, it is estimated that there are just under 10,000 Hedge Funds and several thousand Private Equity firms.
Other Financial Institutions we place coverage for include, but are not limited to Community Banks, Insurance Companies, Security Broker Dealers, Mortgage Bankers, etc.
In addition to all of the same Management & Professional liability exposures carried by commercial corporations, Financial Institutions are exposed to heightened fiduciary duties, allegations of misrepresentations of risks, investor suitability, collusion, failure to supervise outside service providers, trading issues, claims by investment portfolio companies, etc.
Ancillary products such as Fiduciary Liability, Employment Practices, FI Bonds, Lenders Liability, Website/Cyber Liability, Security & Privacy Insurance etc. are also placed by NIF Pro.
We are happy to join you for conference calls or meetings with your Financial Institution clients at any stage of the process, from initial pitch meetings to win the engagement, to proposal presentations.
A data breach event is a risk for any company that collects personal identifiable information and/or handles confidential information about its clients or employees. This exposure has the ability to pose a significant financial threat to a company. With the assistance of NIF Pro, we can secure a Cyber, Security & Privacy Liability Insurance (Cyber Liability) policy which is designed to protect a company against data breaches.
Limited Cyber Liability coverage may be found under a traditional insurance policy such as General Liability or Professional Liability. Typically, these policies do not provide the full protection needed to combat a data breach. A claim for a data breach may not trigger coverage under a traditional insurance policy. A company is not safe to rely on a traditional insurance policy to respond and protect them against a data breach.
The federal government and most states have passed regulations governing how a company must provide notice to its clients. A company is at risk of a fine/ penalty by the government for failure to protect data. Regardless of the industry, most companies are legally mandated to protect third parties personal information.
Our carriers Cyber Liability Insurance policies cover third party claims arising out of a data breach. They provide coverage for defense costs and fines/penalties for violations of privacy regulations. The policies also provide first party Cyber Liability coverage for privacy breach response costs. Privacy breach responses costs consist of customer notification expenses, customer support, credit monitoring, public relation costs, advertising and IT forensic expenses.
The policy forms include business interruption coverage and reimbursement to a company for the costs of replacing damaged hardware or software and data. They also include extortion expenses and extortion monies as a result of a cyber extortion threat. Coverage is not just limited to a breach of a company’s computer network. Coverage extends to paper based data, portable devices (blackberry, lap top, I pad, I phone etc.) and data in the custody of vendors, outsourcers or independent contractors.
Media Liability coverage is included within our carriers Cyber Liability Insurance policies. This coverage addresses the exposure that exists when a company releases electronic media on their internet site or print media. We can also secure a stand-alone Media Liability Insurance policy for a more traditional media client who is creating and disseminating content (advertising agency, producer, broadcaster, publisher etc.).
The demand for Cyber Liability Insurance policies is continuing to increase. If you are not offering the coverage to current and potential clients, than someone else will. Keep in mind that your agencies Professional Liability Insurance policy could be at risk if the coverage is not offered. As your value added specialty intermediary NIF Pro can help you understand the potential liabilities that your clients face. We can work with you in securing a Cyber, Security & Privacy, Media Liability policy that addresses your client’s needs from a premium and coverage standpoint.
Download our specialty applications