Aon Gets Single Excess Bermuda Policy

Aon Corporation insurance brokerage said that key management liability insurance markets in Bermuda have for the first time agreed to accept a single excess policy form from Aon for quota-share agreements.

The agreement covers items such as insurance gaps, redundant coverage and conflicting language, while creating a streamlined process for the benefit of insureds, the Chicago-based firm said.

The policy is also available for single carrier layers in certain situations. Total limits available are potentially up to $100 million cumulatively and can be utilized for directors and officers liability, employment practices and fiduciary liability, or in some cases professional liability or crime coverage including blended combinations of any of the above.

The program is only available to Aon clients through Allied World Assurance Company Ltd, AXIS Specialty Limited, Endurance Specialty Insurance Ltd and other prominent Bermuda carriers.