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3. MI-00-01

Form MI 00 01: Miscellaneous Professional Liability Coverage Form (Claims-Made)

The MI 00 01 Miscellaneous Professional Liability Coverage Form is a standard insurance policy form developed by the Insurance Services Office (ISO) designed to provide errors and omissions (E&O) coverage on a claims-made basis. Its primary purpose is to protect a wide array of professionals against liability for financial loss resulting from actual or alleged errors, omissions, misstatements, misleading statements, neglect, or breach of duty in the rendering of, or failure to render, "professional services" as defined in the policy. This form is specifically intended for professionals and businesses whose services do not fall under the scope of more specialized professional liability policies (like those for doctors, lawyers, architects, or engineers). Coverage is triggered when a claim for a wrongful act is first made against the insured during the policy period (or an applicable extended reporting period) and reported to the insurer according to policy terms, provided the wrongful act occurred on or after the policy's retroactive date. The MI DS 00, Declarations, is a related form that works in conjunction with the MI 00 01 to specify the named insured, policy limits, retention, covered professional services, and other key policy variables.

Classes of Business

The MI 00 01 is versatile and can be applied to a diverse range of professional service providers that lack a dedicated industry-specific E&O form. Examples of businesses and professions that would typically utilize this form include:

• Consultants: Management, marketing, human resources, IT, and other specialized consultants. For instance, a management consultant whose strategic advice leads to a client's financial loss could face a claim covered by this form.
• Business Support Services: Document preparation services, resume services, corporate trainers, translators/interpreters, and answering services/call centers.
• Creative & Event Services: Advertising agencies, event planners, interior designers (non-structural), photographers, and printing services. An event planner who makes a significant error in booking a venue, causing financial loss to the client, would be an example.
• Personal & Niche Services: Travel agents, tour operators, career counselors, life coaches, notary publics, and private investigators. A travel agent who negligently books incorrect travel dates leading to significant client expenses could be covered.
• Other Miscellaneous Professionals: The form can also cover "Not Otherwise Classified" (NOC) professions, where the specific services are clearly defined and listed in the policy, often via endorsements like the MI 10 01 or MI 10 03. However, professions like accountants, lawyers, architects, engineers, medical professionals, and insurance/real estate agents or brokers are typically excluded as they have their own specialized E&O forms.

Special Considerations

Several important aspects must be considered when utilizing the MI 00 01:

• Claims-Made and Reported Basis: This is a critical feature. Coverage only applies if the claim is first made against the insured and reported to the insurer during the policy period or any applicable Extended Reporting Period (ERP). The wrongful act must also occur after the retroactive date. For example, if a consultant provided advice in 2022 (after the retroactive date) and a claim arising from this advice is made and reported in 2024 during the policy period, it would be considered. However, if the claim is made in 2025 after policy expiration and no ERP applies, there would be no coverage under this policy.
• Retroactive Date: This date, specified in the Declarations (MI DS 00), limits coverage to wrongful acts that occur on or after this date. A prior acts exclusion may apply if the wrongful act occurred before this date.
• Extended Reporting Periods (ERPs): The form includes provisions for ERPs (or "tail coverage"), which allow for the reporting of claims after the policy period ends, for wrongful acts committed before termination. The MI 00 01 often includes an automatic ERP (e.g., 60 days)