ACE USA, the U.S. based retail operating division of the ACE Group of Companies, is offering a policy designed to protect personal assets of directors and officers in situations where indemnification is unavailable or when traditional insurance programs fail to respond.
Targeting companies outside the Fortune 1000, the ACE USA CODA Premier Directors and Officers Liability policy offers broad, comprehensive coverage to directors and officers that cannot be cancelled or rescinded for any reason, except for non-payment of premium. In addition, the ACE USA CODA Premier Independent Directors Liability policy provides coverage for independent directors serving on corporate boards.
Both policies are offered by ACE USA Professional Risk. ACE USA Professional Risk is the operating unit within ACE USA that distributes management liability, professional liability and surety insurance products through retail brokers throughout the U.S. and Canada.
“In this era of heightened litigation and severity of claims, the need for comprehensive protection of the personal assets of a company’s directors and officers has never been more critical,” said Vince McGeehan, senior vice president, ACE USA Professional Risk. “We’re pleased to continue ACE’s two-decade history of addressing a directors’ personal risk with this critical product offering. Today’s companies are challenged to find effective risk management solutions that enable them to attract and retain talented and high-caliber directors for their boards, and provide them with assurance of personal coverage.”
* Policy may not be rescinded for any reason
* Exclusions are limited — some typical exclusions are not in the policy, other exclusions do not apply to defense costs, and yet other exclusions are narrowed in scope
* Consent by the insurer to defense counsel is not required
* Policy is non-cancelable except for non-payment of premium
* Notice of claim required only after in-house general counsel or risk manager of the insured company first learns of claim
* Available to all companies–public, private, not-for-profit or financial institutions
The above is only a summary; see the actual policy for terms and conditions. To review additional product features and check submission requirements, visit: www.aceprofessionalrisk.com or www.ace-ina.com.
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