Beazley Group plc has introduced Beazley Bridge, a product that will allow U.S. multinational companies to cover executives outside the country through a single contract.
The single policy will protect directors and officers in all territories where Lloyd’s is licensed, more than 65 countries.
Beazley designed this product to help brokers that have faced challenges obtaining international coverage for executives of U.S.-based multinational corporations. Before this product, a separate policy was needed for each territory and premium taxes had to be assessed and paid for each policy.
“Beazley Bridge has been carefully designed to provide easily understandable and painlessly placed protection for directors and officers, introducing simplicity and flexibility into the insurance purchase,” said Neal Wilkinson, global head of Beazley’s management liability team.
The carrier has seen directors and officers of multinational corporations increasingly threatened by exposures deriving from outside the United States, including increased regulatory scrutiny, emboldened activist investors, and the wider adoption of collective and class actions.
Beazley Bridge provides Side A “difference in conditions” coverage in all eligible territories. The coverage can also be inserted at any attachment point.
There are no policy issuance fees, and Beazley offers an experienced claims service. Lloyd’s is rated “A” by A.M. Best. Beazley plc is the London-based parent company of specialist insurance businesses with operations in Europe, the U.S., Asia and Australia and manages five Lloyd’s syndicates.
Topics USA
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