QBE North America’s continues its expansion into the management liability & professional lines arena with the launch of three new products for public and private commercial companies and financial institutions and non-profit businesses.
The three products currently available in the new suite are the QBE excess liability insurance policy; The Executive – a side A excess/difference in conditions policy; and The Solution for Public Company D&O – a primary public directors & officers liability policy.
According to Dennis Kearns, senior vice president, underwriting leader, QBE is continuing to expand its specialty segment through its move into the primary space and the commercial public D&O market. It now has the capability to offer cover in all three facets of the public D&O market space.
The Excess policy offers a way for individual or organizations to increase the amount of coverage for an existing policy program. The Excess policy follows the underlying policy’s terms, conditions and limitations without any additional caveats. “This simplified excess policy is literally a half-page in length and accepts changes in the existing underlying policy with a simple written agreement,” Kearns noted.
The Executive provides specialized excess coverage for situations where the organization cannot indemnify, or fails to indemnify, a director or officer, and the underlying insurance fails to respond. “These difficult situations are becoming more common,” said Kearns.
The new nine-page primary policy offers short, clearly-stated insuring clauses with only six exclusions, two of which disappear after the first year of coverage; simple claim reporting requirements; and defense and settlement obligations.
QBE North America is part of QBE Insurance Group Limited, Headquartered in Sydney, Australia, QBE operates out of 43 countries worldwide. The North America division, headquartered in New York, conducts business through its property and casualty insurance subsidiaries.