Chicago-based commercial insurer CNA announced a revised product for directors and officers (D&O) to help reduce the risks associated with inadequate protection. CNA said its Individual Solutions policy has been improved, is more user-friendly and provides personal asset coverage for directors and officers when indemnification is not available.
Individual Solutions—also known as Broad Form Side A—was redesigned with feedback from CNA’s key agents and brokers, the company said. The result is a product that expands the offerings of CNA’s Pro Open Brokerage underwriting with protection for directors and officers in the event of various circumstances including: a corporation is financially unable to fund D&O indemnification; traditional D&O insurance policy is depleted leaving no available coverage; or primary D&O policy fails or refuses to respond.
CNA’s Individual Solutions policy provides broad coverage with limits of liability up to $25 million available specifically for non-indemnifiable losses incurred by directors and officers. This limit of liability may be vital to directors and officers as it maintains their level of protection and is not diluted or shared with the corporation.
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