ACE has launched a new directors and officers liability policy to protect the personal assets of executives and board members of United Kingdom and other European companies. ACE's corporate officers & directors assurance (“CODA”) policy was introduced in 1986.
The CODA premier policy, offering many new features, is available in the U.K. through ACE Bermuda International's professional lines division. The company said that the policy contained several enhancements that matched “exceptional coverage” to “changing exposures” for an evolving business and regulatory environment.
“CODA's breadth of coverage coupled with ACE's financial strength and multinational service capabilities ensure directors and officers can focus on effectively and efficiently managing their companies with the security of knowing that they are ACE insured,” said David Gutteridge, professional lines manager at ACE Bermuda International.
ACE said that new features of the CODA premier policy included:
- Two free reinstatements of the limits;
- Additional, free six year insolvency reporting period;
- Additional, free automatic reporting period of unlimited duration for former directors and officers;
- Separate funds established, including CODA access fund limit, public relations fund sublimit, and enforcement fund sublimit;
- Broadened definition of claim and insureds;
- Expanded definition of loss to include U.K. Corporate Manslaughter Act defense costs coverage;
- Expanded recognition of underlying limit erosion;
- Automatic policy renewal capabilities;
- Definition of non-indemnifiable loss includes failure of the company to indemnify within 60 days after the insureds request such indemnification; and
- Expanded definition of claim to include UK carbon reporting requirements.
The company said that the policy was structured to offer coverage that could not be cancelled or rescinded for any reason except for non-payment of premium.
Learn more: www.acegroup.com/eu.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].