Chief Executive Insurance Services has launched an enhanced personal director’s liability (PDL) policy. Coverage is available to members of Chief Executive Group and their spouses, as well as non-members through agents and brokers.
This enhanced PDL policy, issued in the name of the independent director, provides excess directors and officers liability insurance for one or more board positions — whether publicly traded, privately-held or non-profit — and travels with the insured individual. This PDL policy is an option for independent directors who seek to control the purchase and level of their insurance protection.
“A number of our members have expressed concern about the adequacy of protection afforded to them by the directors and officers liability insurance policy purchased by the organizations on whose boards they serve,” said Wayne Cooper, chairman and president of Chief Executive Group.
The PDL insurance policy is designed to offer coverage exclusively for the insured independent director in excess of other valid and collectible insurance, but before the individual is required to pay from his or her own personal assets. An enhanced endorsement, tailored for Chief Executive Group members, offers policy upgrades, including worldwide protection, advancements of defense expenses on a current basis and a longer extended reporting period coverage. The enhanced PDL policy is also available for purchase by members’ spouses to provide coverage for their outside corporate or philanthropic board positions. The policy offers limits up to $5 million.
Chief Executive Insurance Services, LLC was founded to provide its clients with insurance products through a joint venture with Chief Executive Group subsidiary and MDW Insurance Group. Headquartered in Coral Gables, Fla., MDW Insurance Group Inc., through its subsidiaries, offers a range of insurance products and related service for businesses, public entities, individuals, trade and professional association clients nationwide.
Chief Executive Group is an organization made up of CEO’s, presidents and owners of public and private companies, including Fortune 500 companies and large, privately-held corporations. It is headquartered in Greenwich, Conn.