1. Forms
2. MP
3. MP-DS

What the form is

The designation "MP DS" refers to a series of Declaration forms used in conjunction with Insurance Services Office, Inc. (ISO) Management Protection (MP) policies. A declarations page is a fundamental component of an insurance policy. It serves as a summary of the essential information that defines the specifics of the coverage provided to a particular insured. The MP DS forms customize the broader coverage language found in the Management Protection policy forms by outlining the unique details of the insurance agreement, including who is insured, what risks or exposures are covered, the policy limits, policy period, premium, and any endorsements that modify the standard coverage.

Classes of business it applies to

MP DS forms are utilized across various classes of business that purchase Management Protection liability insurance. This suite of products typically addresses risks such as:

• Directors and Officers (D&O) Liability
• Employment Practices Liability (EPLI)
• Fiduciary Liability
• Crime Insurance (sometimes included or related)
• Other specialized professional or management liability coverages

These policies, and therefore their corresponding MP DS declaration pages, are relevant for a wide range of entities, including:

• For-Profit Corporations (Private and Public): For example, an MP DS 01 (Executive Liability Coverage Part Declarations) or MP DS 02 (Executive Liability and Entity Securities Liability Coverage Part Declarations) would be used for a company's D&O policy, detailing the limits for directors and the company itself.
• Not-For-Profit Organizations: A non-profit entity would have an MP DS form attached to its management liability policy (e.g., related to MP 00 06 Not-For-Profit Management Liability Coverage Form), specifying its unique coverage details.
• Financial Institutions: Banks, credit unions, and other financial entities often have specialized Management Protection policies, and forms like MP DS 03 or MP DS 04 (Financial Institution Executive Liability Coverage Declarations) would outline their specific terms.

Special considerations

• Specificity is Key: The exact MP DS form number (e.g., MP DS 00, MP DS 01, MP DS 03) will vary depending on the specific Management Protection coverage form(s) being issued. For instance, an MP DS 00 might be a common declarations page for the overall policy, while an MP DS 01 might be specific to the Executive Liability part.
• Accuracy is Critical: The information on the declarations page is paramount. It dictates the scope of coverage, limits, and other vital terms. Any inaccuracies or omissions can lead to significant coverage disputes at the time of a claim.
• Claims-Made Language: Many Management Protection policies are written on a claims-made basis. The declarations page will typically specify important claims-made features, such as the retroactive date, if applicable, and details about the extended reporting period (tail coverage) options.

Key information for agents and underwriters

• For Agents:
  • Ensure all information is meticulously recorded and matches the insured's requirements and the quotation provided. This includes correct legal names of insured entities, all named individuals where required, accurate limits of liability, retention amounts (deductibles), and a complete list of all forms and endorsements that constitute the policy.
  • Explain the declarations page clearly to the insured, particularly any unique provisions or limitations.
  • Verify that the edition dates of the declarations and other forms are current and correspond to the coverage negotiated.
• For Underwriters:
  • The MP DS form is the culmination of the underwriting process for a Management Protection policy. It reflects the underwriter's decisions regarding acceptance of the risk, pricing, and specific terms and conditions.
  • Information from the application (often an MP AP series form) is transferred to the declarations. Double-checking this transfer for accuracy is essential.
  • The declarations page is a critical document for policy assembly, regulatory compliance, and data recording.
  • Any manuscript endorsements or special conditions negotiated must be accurately reflected or referenced on the declarations page.