As part of its ongoing series of Webcasts dealing with the global insurance environment, international broker and risk manager, Willis Group Holdings, published a Webcast on Thursday, Jan. 19, entitled “How Global is Your Global D&O Program?” It focuses on “Executive Risks Coverage,” particularly global Directors and Officers (D&O) liability coverage.
The complete presentation may be obtained on the Willis Website at: www.willis.com; or go directly to the Webcast at: http://www.willis.com/Extras/Webcasts/January%2019%202006.aspx.
In its introduction Willis noted: “Companies doing business in a global environment must be aware of and prepared for the variations in laws and regulations specific to the countries in which they operate.” A “fact sheet,” in a Q&A format follows, which gives answers to “many of the most commonly asked questions.”
For example, the first question is: “What are compulsory coverages?
Answer: Insurance required by law on an admitted basis. While normally referring to third-party risks such as Automobile Liability and Workers’ Compensation/Employers Liability, there are also first-party examples of statutory Property insurance requirements in several countries.”
The presentation also focuses specifically on D&O coverage in Brazil. Willis noted: “Brazil is one of the few remaining countries with a strict insurance monopoly, which makes use of controlled master (global) programs difficult. Brazil also strictly prohibits non-admitted insurance.”
“These factors directly impact coverage for directors and officers, which, thanks to recent changes in the law, is now in the spotlight in Brazil. Unlike property and casualty coverages, where multinationals can claim self-insurance if coverage is not in place locally, the consequences of missing directors and officers (D&O) coverage affects the individual as well as the company in the event of a claim.”
Was this article valuable?
Here are more articles you may enjoy.