Zurich has introduced a new Side A D&O policy that addresses the evolving litigation landscape and provides coverage for liability exposures in the global marketplace, including China, Brazil, Mexico, Japan and India. The new policy is now available for customers in the United States and will be available to Canadian customers in the near future.
“Corporate leaders have increasingly become targets of regulatory scrutiny and civil litigation, and this uncertainty becomes even more apparent when a company seeks to expand its global footprint in other parts of the world,” said Mike Karmilowicz, head of Zurich North America’s Management Solutions business. “As their roles and responsibility grow, corporate leaders face even more region-specific exposures and local regulations.”
Zurich’s new Executive Universal Select Insurance Side A policy includes:
- International coverage and services in more than 200 countries, tailored to local rules and regulations and premium tax obligations
- Broad coverage grants and limited exclusions
- Advancement of defense costs
- Option for directors and officers to purchase extended reporting period
- Non-rescindable coverage for additional reassurance
Karmilowicz said the center point of the new policy is Zurich’s Multinational Insurance Application (MIA) that helps provide greater assurance of compliance with various insurance and premium tax regulations. He said MIA covers more than 180 countries and territories, and includes information on local insurance laws for 41 risk categories such as business interruption, directors & officers and property material damage.
“A traditional D&O policy may have many limitations, opening up coverage gaps and leaving director and officers at risk,” Karmilowicz said.
Zurich Insurance Group is a multi-line insurance provider with a global network of subsidiaries and offices in Europe, North America, Latin America, Asia-Pacific and the Middle East as well as other markets. It offers a range of general insurance and life insurance products and services for individuals, small businesses, mid-sized and large companies as well as multinational corporations.
In North America, Zurich is a commercial property-casualty insurance provider serving the global corporate, large corporate, middle market, specialties and programs sectors. Life insurance offered in the United States is issued by Zurich American Life Insurance Co., an Illinois domestic life insurance company.