CODA is one of the leading providers of quality directors and officers insurance protection and is recognized as affording the broadest coverage generally available, offering clients up to US$75 million in capacity.
Patrick Tannock, Executive Vice President, Professional Lines at ACE Bermuda, said, "The need for these types of specialized professional coverages is very real today in light of the increasing frequency of partial settlements, in which claims against some but not all of the defendant directors and officers are settled."
The CODA Premier Directors and Officers Liability Policy* form is designed to give comprehensive financial protection to directors and officers when their company fails to indemnify them, or when traditional insurance programs fail to respond. Highlights of the enhanced CODA Premier Directors and Officers Liability Policy include:
-- Separate and additional limit for independent directors if the policy's standard limit of liability is exhausted;
-- Narrowed insured vs insured exclusion - not applicable to whistleblower activities or claims by creditors committee;
-- Expanded notice of circumstances - circumstances need only be reasonably expected to give rise to a future claim;
-- Conduct exclusions are amended to preserve more limits for innocent insureds;
-- Choice of Arbitration venue broadened to include Toronto and Vancouver as well as London and Bermuda.
The CODA Premier Independent Directors Policy* (IDL) insures only outside directors for non-indemnified loss. This policy is designed to protect the personal assets of outside directors and allow companies to attract and retain the best available directors. The IDL policy in combination with a company's standard directors and officers insurance programme should provide outside directors with sufficient confidence that their personal risks from board service are well managed and contained. The enhanced CODA Premier Independent Directors Policy includes similar enhancements as listed above.
CODA Premier Officers Liability Policy* - CODA is the first insurer to offer this innovative Side A policy which only covers current and former officers of a company. The CODA Officers Liability policy contains all of the coverage features contained in CODA's Premier Directors and Officers Liability Premier policy, but the policy's limit of liability is dedicated only for the benefit of officers. Coverage under the policy extends to officers in their capacity as an officer or director of the Company, as well as other employees if the other employees are co-defendants with an officer.
Rees Fletcher, ACE Bermuda President & Chief Executive, said, "As the leader in the market we are pleased to launch these new products for the benefit of our clients. Our experienced team of underwriting professionals looks forward to continuing to respond and adapt to the evolving requirements of our clients and the market in which we do business."
*Products highlights are summaries only; please ask your broker for a copy of CODA's new policy forms for terms and conditions. To see additional product features visit www.acebermuda.com.
ACE Bermuda is a Bermuda-based subsidiary of ACE Limited (NYSE:ACE) and offers high-level excess liability, property and professional lines insurance products and services through Bermuda and non-US based intermediaries. ACE Bermuda offers a secure source of quality directors and officers insurance protection through its subsidiary Corporate Officers & Directors Assurance Ltd. (CODA). CODA was formed by its policyholders in 1986 and acquired by ACE Bermuda in 1993. Additional information can be found atwww.acebermuda.com.