ACE Bermuda International announced the enhancement of its CODA product, which provides personal asset protection for directors & officers in the UK, at the AIRMIC Conference.
ACE explained that CODA provides the “broadest possible coverage for directors and officers where they cannot be indemnified by their companies, or when traditional insurance programs fail to respond to their needs. CODA is a ‘Side A’ cover designed to sit as an excess layer above traditional directors & officers programs.”
The main enhancements to the CODA product include the following:
— Blanket outside board coverage for all companies (including coverage for directorship in US companies).
— Reinstated limit available as an additional main board benefit.
— The main board is empowered to waive the Insured vs. Insured and Bodily Injury/Property Damage exclusions.
— Coverage provided for corporate taxes falling on individual shoulders following insolvency of the parent or any subsidiary.
— Coverage for civil penalties associated with an unintentional breach of the law.
ACE also explained that the benefits of the CODA policy “are paid directly to the individuals rather than the company in the event of a claim. The CODA policy can be purchased either separately or as part of a package providing flexibility to tailor programs to meet individual needs. All CODA policies are issued at inception to provide individuals with contract certainty.”
Charles Davidson, Underwriting Manager, Professional Lines, ACE Bermuda International, added: “CODA offers individual company directors and officers some of the broadest and most responsive levels of personal asset protection available. These enhancements, backed by ACE’s financial strength and security, ensure CODA remains the first choice of directors wanting the best possible coverage.”
Anup Seth, Managing Director, ACE Bermuda International, commented: “The level of responsibility placed on individual directors has not abated and so appropriate personal asset protection is an important issue. We are able to focus our underwriting expertise and extensive claims experience in this class of business to provide the ultimate protection for UK directors and officers. These enhancements to the CODA product are further evidence of our commitment to maintaining a lead presence in this important and growing market.”
Source: ACE Bermuda
Topics Directors Officers
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