XL Group’s Professional Liability arm has released a new Executive and Corporate Securities Liability policy form to protect companies and their directors and officers from what it terms “an increasingly complex litigation and regulatory environment in the U.S. and around the world.”
Extensions of coverage now include both formal and informal investigations by a law enforcement or regulatory authority, and the addition of broadened defense and settlement expense coverage, among other enhancements.
XL Group’s enhanced Executive and Corporate Securities Liability Insurance Coverage includes:
- Expanded coverage for formal and informal investigations by a law enforcement or regulatory authority for insured persons;
- An extension of coverage to the company in a formal investigation when an insured individual is concurrently under investigation;
- A broader definition of loss, which now includes plaintiff’s attorney fees associated with a settlement; Side-A coverage for fines, penalties, and taxes levied against an insured person in the event of a company insolvency; civil penalties for FCPA and SOX 308 violations; and damages, judgments, settlements and pre-and post-judgment interest;
- Additional defense expenses covered including expert fees and costs incurred with a claim pursuant to SOX 304 and Dodd-Frank 954; arrest, detainment, or incarceration of an insured individual in relation to company business.
XL Group’s professional liability insurance serves directors and officers, financial institutions, architects, engineers and other businesses and service professionals, in addition to cyber and technology, commercial crime and fraud, and employment practices.
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