ACE Bermuda International Announces New ACE NorDIC Directors and Officers Policy
June 23 2015 - 6:13AM
Business Wire
- Comprehensive Personal Asset
Protection, with Two Free Reinstatements, Comprehensive Discovery
Periods, Automatic Renewal and many more features.
ACE Bermuda International today announced the launch of 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 has a long and respected
history in the management liability arena and has been at the
forefront of personal asset protection for directors and officers
for almost 30 years.
The ACE NorDIC Directors and Officers (D&O) liability policy
has been designed to complement the company’s existing D&O
offering provided locally through ACE’s network of offices in the
region. It represents another step in the company’s strategy to
provide market-leading liability solutions and superior service for
public and private multinational organisations and middle market
clients along with targeted offerings for SMEs.
The ACE NorDIC policy is structured to offer extremely broad,
comprehensive personal asset protection for directors and officers
and coverage cannot be cancelled or rescinded for any reason except
for non-payment of premium. ACE NorDIC provides “DIC”
(Difference-In-Conditions) coverage and can “drop down” to any
position in the underlying programme, 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 insurance 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, ACE
Bermuda International.
“With separate polices available for Sweden, Norway, Denmark and
Finland, the breadth of coverage in the ACE NorDIC product offers a
significant breakthrough in personal asset protection from the
liabilities invariably threatening directors and officers” said
Jonathan Boyd-Wallis, Senior Underwriter, Professional Lines, ACE
Bermuda International.
Market leading features* of the ACE NorDIC 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
- Separate funds established, including
ACE NorDIC Access Fund (subject to separate limit), Public
Relations Fund (sublimit) and Enforcement Fund (sublimit)
- Broad definition of
claim and insureds
- Expansive recognition of underlying
limit erosion
- Automatic policy renewal
capabilities
- Definition of non-indemnifiable loss
includes failure of the company to indemnify within 60 days after
the insureds request such indemnification
*Product features are summaries only; please see the actual
policy for terms and conditions.
About ACE
ACE Bermuda International, the Dublin based subsidiary of ACE
Bermuda Insurance Ltd., is rated A++ by A.M. Best Company and AA by
Standard & Poor’s. ACE Bermuda International provides
commercial insurance products to a global client base targeting
large companies and covering exposures that are generally low in
frequency and high in severity. Additional information can be found
at www.acegroup.com/bm. ACE Bermuda International Insurance
(Ireland) Limited trading as ACE Bermuda International is regulated
by the Central Bank of Ireland.
ACE Group is one of the world’s largest multiline property and
casualty insurers. With operations in 54 countries, including
Sweden, Denmark, Norway and Finland, ACE provides commercial and
personal property and casualty insurance, personal accident and
supplemental health insurance, reinsurance and life insurance to a
diverse group of clients. ACE Limited, the parent company of ACE
Group, is listed on the New York Stock Exchange (NYSE: ACE) and is
a component of the S&P 500 index. Additional information can be
found at: www.acegroup.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20150623005715/en/
ACE GroupAmy Shillingford+441 299
9365amy.shillingford@acegroup.com
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