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Management Liability · "A" rated · Non-admitted

D&O, EPL, and Fiduciary for the middle of the market.

A combined management liability program for private companies. One policy covers directors and officers, employment practices, and fiduciary risk — with sub-limits, optional endorsements, and a single retention structure built around how mid-market businesses actually buy.

Max employees 250
Max revenue $50M
Max assets $100M
Policy limits up to $3M
Who qualifies

The rules that apply to every ML account.

Eligibility is sized to private companies in the lower-middle market. Larger accounts and high-growth, venture-backed risks with significant funds raised are reviewed against the same framework.

Eligibility Up to 250 employees · $50M in revenue · $100M in assets · $150M in funds raised. Larger accounts referred for individual review.
Limits Up to $3,000,000 in limits. D&O must be selected to add EPL or Fiduciary. EPL caps at $2M unless part of a total shared policy limit.
Retentions Retentions available from $2,500 to $75,000. Higher retentions available on request.
Paper Written on "A" rated paper, non-admitted. Rating based on assets or revenue, as appropriate for the risk.
Structure D&O, EPL, and Fiduciary available standalone or stacked. Shared or separate limits available depending on risk profile.
Download Management Liability Application Download Management Liability Appetite Guide
Sub-limits

The fine print, on the front page.

Automatic sub-limits that ship with every Management Liability policy. Wage & Hour carries a separate $50,000 retention.

Automatic Side A $1,000,000
Inquiry costs $250,000
Wage & Hour $100,000 $50,000 retention
Immigration $100,000
Privacy $100,000
Crisis events $50,000
Derivative demands & books & records $50,000
TCPA $25,000
Coverages

Three core lines.
A bench of endorsements for the rest.

Three core management liability coverages, plus optional endorsements that adapt the form to capital structure, board composition, and industry-specific exposures.

01 Core coverages
Form · Combined ML
Base · 3 lines
Included · Roadshow + Hammer
  • Directors & Officers Liability Protects the company and its directors and officers against allegations of mismanagement, breach of duty, and other governance-related claims. Required as the anchor coverage.
  • Employment Practices Liability Covers employment-related claims — discrimination, harassment, wrongful termination, retaliation, and wage & hour exposure (sub-limited).
  • Fiduciary Liability Protects against allegations of mismanagement of employee benefit plans and breaches of ERISA fiduciary duty.
  • Roadshow Coverage Included in D&O — covers claims arising out of investor roadshow activities, including IPO and capital-raise communications.
  • Hammer Clause Removal Included for D&O — removes the standard insured-consent penalty so the insurer cannot force settlement against the directors' or officers' wishes.
02 Optional endorsements
Build · À la carte
Tail · ERP & Run Off
Third-party · Configurable
  • Antitrust / Unfair Trade Practices Exclusion — Removal Removes the standard antitrust and unfair trade practices exclusion. Not available for Retail, Wholesale, Finance, Manufacturing, or Healthcare risks.
  • $0 Retention for Side A Drops the Side A retention to $0 for non-indemnifiable claims against individual directors and officers.
  • Workplace Violence Events Coverage Coverage for expenses arising out of an act of workplace violence, including security, counseling, and crisis-management costs.
  • EPL Third-Party Claims Extends EPL to cover claims brought by non-employees (customers, vendors, contractors) alleging discrimination or harassment by an insured.
  • ERP & Run-Off Tail coverage for claims discovered after policy expiration — including post-transaction run-off cover for sold or wound-down entities.
  • Employed Attorney Exclusion Optional exclusion of claims arising from professional services rendered by in-house counsel.
  • Third-Party Wrongful Acts Exclusion Optional exclusion narrowing coverage to acts committed against employees only.
  • Separate Retention for Third-Party Claims Configures a distinct retention for third-party EPL claims, separate from the standard EPL retention.
Appetite by industry

Broad appetite, with a published list of exclusions.

Management Liability is available across most private-company sectors. Excluded classes are listed here in full. A handful of industries are eligible for D&O and Fiduciary but excluded from EPL — also called out below.

01 Industry appetite
Coverage · Most private companies
Carve-outs · Published
Structure · Standalone or stacked

Prograde Management Liability is open to most private-company sectors. Excluded classes are listed below in full — anything outside this list is in appetite.

In appetite

  • Technology & SaaS
  • Business & Professional Services
  • Light Manufacturing
  • Wholesale & Distribution
  • Construction (non-residential GCs by referral)
  • Retail & Hospitality (D&O / Fiduciary only — see EPL note)
  • Real Estate & Property Management
  • Allied Health (non-acute)
  • Most other private-company classes not listed at right

Excluded classes

  • Cannabis-related
  • Opioid manufacturing or distribution
  • Media Buying Agencies
  • Banks & other Holding Companies
  • Collection Agencies
  • Credit Bureaus
  • Investigation / Security Services
  • Hazardous Waste
  • K-12 and higher education
  • Nursing Care / Assisted Living
  • Public Administration / Services
  • Tobacco Manufacturing
  • Small Arms Manufacturing
  • Tribal Governments, Gaming & Entertainment
  • Professional Employer Organizations (PEOs)
  • Sports Teams
Eligible for D&O / Fiduciary — excluded from EPL
  • Agriculture
  • Automotive Services
  • Retail
  • Hospitality
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