Berkshire Hathaway Specialty Insurance is rolling out a new executive liability insurance products focused on the D&O space.
The Side A DIC Directors & Officers Liability Policy provides expansive protection for individual directors and officers in a clean and concise form, the company said in a statement.
The coverage complements primary D&O liability insurance by “stepping in” with coverage expressly for individual directors and officers in D&O claims where their company cannot indemnify them and the underlying D&O insurance does not respond either because limits are exhausted or the claim arises from a “difference in conditions” event (including where BHSI’s coverage is broader than the underlying D&O insurance).
The policy follows the terms and conditions of the underlying D&O insurance that are most favorable to directors and officers while enhancing protection with key features such as a double reinstatement of limits. It has just one exclusion: a personal conduct exclusion that is triggered only upon a final, non-appealable adjudication.
Source: Berkshire Hathaway Specialty Insurance