Starr Companies added new features to its Directors & Officers policy. Ironshore has a new product that helps serve the Lloyd’s China platform. AIG Travel has added new products but changed its selling practices to allow for more customized coverage.
Starr Companies rolled out an enhanced Directors & Officers policy that gives added protections for directors, officers, trustees, governors, management committee members or board of managers members for professional decisions they make within their designated roles.
The “Side ‘A’ Difference-in-Conditions” cover can provide coverage for a DIC event and for instances where an underlying insured fails or refuses to indemnify a covered person.
Starr said the policy changes include a broadened definition of an insured person, coverage for certain pre-claim investigations and cover for certain acts made by controlling shareholders or those serving as a fiduciary of an employee benefit plan.
Also, the policy can be written as a lead “ground up” Side ‘A’ policy, or a Side ‘A’ Excess Difference-in-Conditions.
Ironshore’s Pembroke Managing Agency Ltd. launched a Project Cargo Consortium to serve the Lloyd’s China platform.
Pembroke’s Lloyd’s Syndicate 4000 offers dedicated coverage for risk exposure and consequential loss related to project cargo transportation and delay in start-up for large scale project risks triggered by China’s Belt and Road Initiative. The new Project Consortium offers capacity limits of up to $178 million, Ironshore said.
Mark Wheeler, chief executive officer of Ironshore International, said in prepared remarks that the new consortium for China cargo line risks “replicates the approach and risk appetite of Pembroke’s Project Cargo Consortium in the Lloyd’s market, which currently is the largest of its kind for targeted marine lines.”
AIG Travel said it is revamping its product offerings so travel agents and other distribution partners can offer customized travel insurance packages.
Changes include making benefits such as trip cancelation or security evacuation coverage available on an individual basis. As well, agents will get new tools that let them request packages to respond to specific customer demand and demographics, rather than set packages.
AIG Travel, a division of American International Group, said the changes allow for more innovative product development and also expand benefit options available to clients.
So far, these new products, filed by AIG Travel affiliate National Union Fire Insurance Company of Pittsburgh, Pa. have been approved in 31 states.
As well, AIG Travel has new policies such as “Name Your Family,” which lets a traveler name who they want designated as a family member whose death or illness could lead to coverage for a trip cancellation. There is also wedding cancellation insurance, which can cover an insured guest if a trip is canceled because a bride or groom called off their wedding.
Sources: Starr Companies, Ironshore, AIG