View this article online: https://www.insurancejournal.com/news/national/2014/11/19/347163.htm
Berkshire Hathaway Specialty Insurance (BHSI) has unveiled its Executive First Side A Difference-in-Conditions (DIC) Directors & Officers Liability Policy, which provides protection for individual directors and officers in a concise form.
“The Executive First Side A DIC D&O Liability Policy stands out for both its breadth and its brevity. In just eight concise pages, it delivers everything directors and officers want in their last line of defense in a D&O claim: far-reaching protection, supported by BHSI’s experienced claims team and financial strength,” the company said in a statement.
BHSI’s Side A DIC liability insurance complements primary D&O liability insurance by stepping in with coverage expressly for individual directors and officers in D&O claims where: (1) their company cannot indemnify them; and (2) the underlying D&O insurance does not respond either because limits are exhausted or the claim arises from a DIC event (including where BHSI’s coverage is broader than the underlying D&O insurance).
The policy follows the terms and conditions of the underlying D&O insurance that are most favorable to directors and officers, while enhancing protection with key features such as a double reinstatement of limits. The policy does not follow any underlying exclusions and has just one exclusion: a personal conduct exclusion, triggered only upon a final, non-appealable adjudication.
The Side A DIC D&O Liability Policy is the newest addition to BHSI’s Executive First suite of executive liability insurance products, all of which are designed to provide clear, current and customizable coverage for commercial and financial firms, including those with the most complex risk-transfer needs.