Plaisance Underwriters, a managing general underwriter backed by program administrator Mission, announced Thursday that it launched sexual assault and molestation coverage for large institutions and their vendors.
The coverage offers up to $10 million in aggregate limits for large institutions and $1 million in limits per vendor and is available in all 50 states. It is backed by various Lloyd’s of London underwriters with A+-rated paper.
The policy is designed to fill coverage gaps and provide risk management to minimize third-party risks. It includes vendors as additional insureds.
Coverage includes access to Understudy, an AI program designed to perform background checks on vendors and other relevant personnel.
Plaisance Underwriters was founded earlier this year by CEO Caroline Murray.
“Any institution that allows third-party vendors on-site may be exposed to a SAM claim. A growing awareness of this is resulting in an increase in demand for SAM insurance and risk management resources,” Ms. Murray said in a statement.
