ACE Bermuda International on Tuesday announced the launch of the ACE NorDIC Directors and Officers Liability policy, designed to protect the personal assets of executives and board members of leading companies in the Nordic region.
ACE NorDIC is structured to offer comprehensive personal asset protection for directors and officers, according to a company statement, and the coverage cannot be cancelled or rescinded for any reason except nonpayment of premium.
ACE said the policy provides “DIC” (difference in conditions) coverage and can “drop down” to any position in the underlying program—even primary—in instances where the underlying insurers are insolvent, fail to pay, rescind their policy or simply do not provide coverage. In addition, bespoke cover can be arranged to protect personal liability arising as a result of mergers and acquisitions or other corporate transactions where there might otherwise be coverage gaps for board members and executives at a time of heightened exposure.
“ACE NorDIC’s comprehensive coverage coupled with ACE’s financial strength and multinational proposition 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 features of the new policy include:
- Two free reinstatements of the limits.
- Free six-year insolvency reporting period.
- Free automatic reporting period of unlimited duration for former directors and officers.
- Broad definition of claim and insureds.
- Expansive recognition of underlying limit erosion.
- Automatic policy renewal capabilities.
Source: ACE Group