The Navigators Group, Inc.’s Navigators Pro division has introduced Side A Global InNAVation, a directors and officers (D&O) liability policy to address emerging global risks.
This new policy offers dedicated excess coverage for individual directors and officers for specific non-indemnifiable claims, including where the company they serve is insolvent. The policy provides coverage for civil fines and penalties, where insurable by law, when they are assessed pursuant to Section 308 of the Sarbanes Oxley Act of 2002, the Foreign Corrupt Practices Act, the U.K. Bribery Act or similar laws. Additional cost of defense coverage is afforded for alleged violations of Section 304 of the Sarbanes Oxley Act of 2002 or Section 954 of the Dodd-Frank Act. The policy contains a broad definition of wrongful acts, which includes alleged violations of the Employment Retirement Income Securities Act.
“Exposures faced by individual directors and officers continue to evolve on a worldwide and local basis,” said Carl Bach, head of Navigators Pro’s international unit. “Our approach utilizes a ‘one policy form’ structure that provides worldwide coverage, including a drop down coverage payment provision if the underlying insurer is unable to pay because of failure to hold a valid local insurance license.”
Side A Global InNAVation is available for multinational U.S.-based firms and international firms listed on worldwide exchanges, including but not limited to the NYSE/Euronext, NASDAQ/OMX, LSE, TSX, ASX, and Deutsche Borse, subject to certain underwriting requirements. The product is written through Navigators Syndicate 1221 at Lloyd’s of London.