Pen Canada Launches E-Traded D&O Platform in Response to Broker Demand

Pen Underwriting Canada has launched a purpose-built, e-trading platform for directors and officers insurance, in response to broker demand for a quick-quote, competitive D&O solution.

The platform is simple, straightforward and responsive – able to quote and issue a policy within five minutes, while offering a broad range of coverage to diverse exposures with generous limits, said Burlington, Ontario-based Pen Canada.

Backed by A+ rated capacity, the quote and bind solution can be accessed on-the-go from any computer or mobile device as all quotes and policies are stored within the platform for ease of download, the company said in a statement.

This combines with a policy wording offering benefits and coverage designed to address, and provide protection against, the main concerns of Canadian company directors and officers, whatever their sector or industry, Pen Canada continued.

Pen Canada said key benefits of the platform include:

• A+ rated capacity
• Ability to quote, bind & issue policy within five minutes and all online
• Quote and policy saved within platform for easy download
• Fully mobile and accessible on the go, requiring only internet access
• Generates statement of fact for client to sign and verify uploaded information correct

It went on to say that notable benefits of the wording include:

• Additional limits for directors – in excess of the limit of liability
• Pre-agreed discovery to 72 months
• Full investigation and pre-investigation costs
• Emergency costs available when insurers prior consent is not given on a timely basis
• Broad protection for outside directorship liabilities (ODL) – blanket coverage available for for-profit companies (with exception of US publicly traded companies)
• No Side B deductible for private companies
• Mitigation expenses coverage – enabling action to be immediately taken to mitigate a potential claim, $500,000 sub-limit
• Confidentiality breach event coverage – $100,000 sub-limit
• Identity fraud coverage – $100,000.

“[The platform’s] ability to create quotes quickly without onerous levels of information will enable brokers to quickly and simply demonstrate the breadth of protection clients could secure at a competitive rate, which will be particularly powerful to current non-buyers of D&O,” said Glenn Woodard, underwriting director for Pen Canada.

“We believe the combination of a slick, mobile platform and broad coverage which seeks to address the real risks faced by today’s company directors and officers is a powerful one,” he added.

* Launched in 2015, Pen Underwriting Canada is the specialist underwriting business and division of Arthur J. Gallagher Canada Ltd., aiming to provide solutions for hard-to-place accounts for Canadian clients with a range of niche products.

Source: Pen Underwriting Canada

Topics Agencies Canada