ACE USA, the U.S. based retail operating division of The ACE Group of Companies, is offering a policy designed to protect personal assets of directors and officers in situations where indemnification is unavailable or when traditional insurance programs fail to respond.
Targeting companies outside the Fortune 1000, the ACE USA CODA Premier Directors and Officers Liability policy offers broad, comprehensive coverage to directors and officers that cannot be cancelled or rescinded for any reason, except for non-payment of premium.
In addition, the ACE USA CODA Premier Independent Directors Liability policy provides coverage for independent directors serving on corporate boards.
Both policies are offered by ACE USA Professional Risk. ACE USA Professional Risk is the operating unit within ACE USA that distributes management liability, professional liability and surety insurance products through retail brokers throughout the U.S. and Canada.
Some product highlights include:
Policy may not be rescinded for any reason
Exclusions are limited (some typical exclusions are not in the
policy, other exclusions do not apply to defense costs, and yet other
exclusions are narrowed in scope)
Consent by the insurer to defense counsel is not required
Notice of claim required only after in-house general counsel or
risk manager of the insured company first learns of claim
Available to all companies‹public, private, not-for-profit or
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