ACE Bermuda International announced the launch of an additional D&O liability insurance capability for multinational companies based outside of North America.
The new capability allows ACE to issue CODA Premier® policies directly through ACE’s Syndicate 2488 at Lloyd’s and offer directors and officers enhanced coverage options for the liabilities they face in the performance of their duties.
The addition of the CODA Premier® Lloyd’s capability complements ACE’s existing suite of D&O products, and provides companies with options for managing multinational D&O programs, wherever the management team or board resides. The suite of CODA products that are available through ACE’s Syndicate 2488 include:
- directors & officers
- independent non-executive directors
- officers only
- retired independent non-executive directors
- retired officers
David Gutteridge, professional lines manager, ACE Bermuda International, said, “ACE can now offer risk managers the extensive choice they need to effectively manage their company’s exposures and protect their directors and officers, regardless of location. A company may opt for a CODA Premier® policy via ACE’s Syndicate 2488 where the convenience of a Lloyd’s policy provides coverage throughout the Lloyd’s broad license network. Alternatively, a company may require a CODA Premier® master policy from ACE Bermuda International and local policies in certain jurisdictions such as the BRIC countries, which we facilitate through ACE’s global network and manage via ACE Worldview®.”
The CODA Premier® policy is structured to offer extremely broad, comprehensive personal asset protection for directors and officers and coverage cannot be cancelled or rescinded for any reason except for non-payment of premium, ACE said in a statement. In addition, tailor-made cover can be arranged to protect personal liability arising as a result of mergers and acquisitions or other corporate transactions where there might be insurance coverage gaps for board members and executives at a time of heightened exposure.
Source: ACE Group
Topics Lloyd's
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