ACE Bermuda has launched a new CODA Premier directors and officers liability policy. The CODA Premier policy offers personal asset protection to directors and officers and is available through ACE’s commercial property and casualty insurance businesses in North America. Enhancements include limits reinstatement; longer claims reporting periods; funds for public relations purposes – to contest extradition and to pursue policy access when challenged by others; broadened coverage for preliminary investigations, extradition proceedings and detention; and automatic renewal.
Features* of the CODA Premier policy include:
- Two free reinstatements of the limits
- Additional free six year insolvency reporting period
- Additional, free automatic reporting period of unlimited duration for former directors and officers
- Separate funds established, including CODA access fund limit, public relations fund sublimit and enforcement fund sublimit
- Broadened definition of claim and insureds
- Coverage for expenses incurred by executive officers in connection with SOX Section 304(a) or Dodd-Frank Sections 210 and 954
- Expanded recognition of underlying limit erosion
- Automatic policy renewal capabilities
- U.K. Corporate Manslaughter and Corporate Homicide defense costs coverage
- Defense cost advancement within 60 days
- Up to $100 million in combined capacity through ACE businesses in Bermuda, the U.S. and Canada
The policy is structured to offer broad, comprehensive coverage that cannot be canceled or rescinded for any reason except for non-payment of premium.
*Product features are summaries only; please see the actual policy for terms and conditions. Product offerings may vary by ACE location. To see full product highlights follow the links below:
ACE Bermuda, the Bermuda-based subsidiary of ACE Limited, offers high-level excess liability, property and professional lines insurance products through Bermuda and non-US based intermediaries. ACE Canada, through its underwriting companies, provides insurance products and services throughout Canada.