The Chubb Group of Insurance Cos. has introduced Executive Elite, an excess directors and officers (D&O) liability policy that provides a dedicated limit of liability for directors and officers that is not shared with the corporation. Executive Elite offers a unique endorsement called the “Director Protector,” which can help protect independent directors and officers who serve on a particular board committee.
“Most claims that are covered under a standard D&O liability insurance policy are indemnified by the company,” said Tony Galban, senior vice president and underwriting manager for directors and officers liability insurance, Chubb Specialty Insurance. “However, in some situations, the company cannot or is unwilling to provide indemnification to its leadership team, putting a director or officer’s personal assets on the line. As a result, it has become increasingly difficult for companies to attract and retain experienced and knowledgeable directors.”
Chubb’s Executive Elite helps protect directors and officers when other D&O insurers fail to meet their obligations or rescind the policy. The Director Protector endorsement allows companies to designate a portion of the policy limits to specific board committees. The policy does not exclude bodily injury and property damage and offers expanded definitions of loss and claim, full severability for each insured person and fully non-rescindable coverage.
“Chubb’s Executive Elite is designed to help give directors and officers peace of mind by offering them clear, state-of-the-art excess liability protection,” said Galban. “This policy represents the next step in the evolution of D&O protection.”
Source: Chubb Group of Insurance Cos.
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