Arch Insurance Group, a member of Arch Capital Group Ltd., announced a new, specialized management liability product in the U.S.:
|ARCH ESSENTIAL SIDE A|
|SIDE A LEAD DIFFERENCE IN CONDITIONS (“DIC”) &|
|FOLLOW FORM EXCESS LIABILITY INSURANCE POLICY|
“Our objective with this product is to expand the level of personal protection available to executives and board members in the instance when their company cannot or will not indemnify them” said Matthew Shulman, executive vice president, Executive Assurance Division at Arch.
“This new policy form responds as both a Lead Differences in Conditions (“DIC”) policy as well as an Excess Follow Form policy depending on the circumstances of the claim and underlying coverage.”
- Follow form Coverage
- Broad exhaustion language
- Follows important definitions of the Followed Policy
- DIC Coverage:
- Drop down coverage available when underlying carrier denies or rescinds coverage, is not liable or fails to pay, fails to respond or is insolvent (subject to specific policy terms and conditions).
- Definition of Loss to include:
- Coverage for punitive, exemplary or multiple damages
- Coverage for civil penalties
- Broadest coverage available in the most favorable jurisdiction
- Limited and narrow exclusions
- Fully severable personal conduct exclusions with carve backs for defense costs and independent directors
- No Bodily Injury/Property Damage, ERISA, Pollution, Insured v. Insured or Prior Notice Exclusions
- Capacity: $25 million
Source: Arch Insurance Group Inc.
Was this article valuable?
Here are more articles you may enjoy.