Chartis has launched Executive Edge, a policy developed by its Executive Liability Division to address the unprecedented risks facing directors and officers of public companies.
Executive Edge provides coverage for public companies and the personal exposures of their executives. Executive Edge provides protection when insured companies refuse or otherwise fail to provide indemnification to their executives. It is the first primary D&O and company liability policy to integrate this executive payment feature for any reason, not just company insolvency. In addition, Executive Edge responds to developing issues faced by today’s business leaders, including a reinvigorated enforcement environment, increased derivative litigation, trial by press, extradition, foreign incarceration and challenges to compensation. For multinational companies, Executive Edge expands coverage to match what Chartis insurers provide in foreign markets through its global liberalization clause. Cross-border placement may also be addressed through Chartis’ Passport service platform.
“With higher stakes for public company leadership, directors and officers are more concerned than ever before about their reputations and personal assets,” said Michael Smith, President of Executive Liability.
The policy will roll out worldwide beginning on May 3, 2010.