HARTFORD, Conn., Dec. 15,
2014 /PRNewswire/ -- In order to thoroughly protect companies and
their directors and officers in an increasingly complex litigation
and regulatory environment in the US and around the world, XL
Group's Professional Liability business has released the Executive
and Corporate Securities Liability policy form. Extensions of
coverage now include both formal and informal investigations by
a law enforcement or regulatory authority, and the addition of
broadened defense and settlement expense coverage, among other
enhancements.
Richard Wall, Vice President of
Underwriting, XL Group's Professional business, said, "In today's
global economy, companies and their directors and officers are
subjected to emerging risks, and unprecedented regulatory and
shareholder scrutiny. Based upon our extensive claims
handling experience, and valuable input from our clients and
brokers, we've worked hard to thoughtfully design innovative
coverage while maintaining our familiar straightforward and simple
style."
XL Group's enhanced Executive and Corporate Securities Liability
Insurance Coverage includes:
- Expanded coverage for formal and informal investigations by a
law enforcement or regulatory authority for insured persons;
- An extension of coverage to the company in a formal
investigation when an insured individual is concurrently under
investigation;
- A broader definition of loss which now includes plaintiff's
attorney fees associated with a settlement; Side-A coverage for
fines, penalties, and taxes levied against an insured person in the
event of a company insolvency; civil penalties for FCPA and SOX 308
violations; and damages, judgments, settlements and pre-and
post-judgment interest.
- Additional defense expenses covered including expert fees and
costs incurred with a claim pursuant to SOX 304 and Dodd-Frank 954;
arrest, detainment, or incarceration of an insured individual in
relation to company business.
For more information, read XL Group's new Executive and
Securities Litigation policy product sheet or access the policy
form.
Through XL Group's insurance companies, XL Group's Professional
business provides professional liability insurance for directors
and officers, financial institutions, architects, engineers and
other businesses and service professionals, in addition to other
lines of insurance coverage including cyber and technology,
commercial crime and fraud, and employment practices liability
insurance.
About XL Group plc's Insurance Operations
XL Group plc's insurance companies offer property, casualty,
professional and specialty insurance products globally. Businesses
that are moving the world forward choose XL as their partner. To
learn more, visit xlgroup.com/insurance
About XL Group plc
XL Group plc (NYSE: XL), through its subsidiaries, is a global
insurance and reinsurance company providing property, casualty and
specialty products to industrial, commercial and professional
firms, insurance companies and other enterprises throughout the
world. XL is the company clients look to for answers to
their most complex risks and to help move their world forward. To
learn more, visit xlgroup.com
XL Group is the global brand used by XL Group plc's insurance
and reinsurance subsidiaries.
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SOURCE XL Group