LONDON--(BUSINESS WIRE)--In a move targeted at small and medium size private companies, ACE European Group (ACE) has extended its Directors and Officers (D&O) coverage to provide protection for the company itself, in addition to executives and business owners.
The inclusion of ‘Entity’ cover within its Elite D&O wording, together with a simplified level of indemnity enables ACE to offer a more cost effective and relevant policy for private companies.
Simon Million, UK and Ireland D&O Manager at ACE said “By focusing on the needs of smaller private firms we have made D&O cover more accessible and relevant to companies where the owners themselves may have a personal financial investment. These owners need their companies’ assets protected as much as their own personal liabilities.
“We are providing a more appropriate level of indemnity which not only meets their real needs but also provides cover at a price they can afford.”
Brokers will be able to obtain quotes and bind new business through ACE Online, the company’s extranet. It is also available as new business and an endorsement on existing D&O policies directly from ACE.
The Elite Entity extension covers damages; judgements; settlements and defence costs for claims against a company for wrongful acts including: breaches of trust and duty, errors and omissions and employment related breaches. The extension in cover provides Legal Representation Expenses in respect of investigations under the Health and Safety at Work Act 1974.
Notes to editors:
ACE European Group has established branch offices in 19 countries across Europe, Freedom of Services permission to provide insurance services to clients in 29 EEA countries and affiliates in Egypt, Bahrain, Pakistan and Russia.
Part of the ACE Group of Companies, ACE European Group comprises the operations of ACE Europe, ACE Global Markets and ACE Tempest Re Group. ACE Europe provides a range of tailored Property and Casualty, Accident and Health and Personal Lines solutions for a diverse range of clients. ACE Global Markets (AGM) is ACE’s specialty international business, underwriting through ACE’s Lloyd’s Syndicate 2488 and ACE European Group Limited. Specialty lines include excess and surplus lines business, Marine, Aviation, Energy and Political Risk as well as Property, Financial Lines and Accident and Health. Additional information on ACE European Group can be found at www.aceeuropeangroup.com.
The ACE Group of Companies is a global leader in insurance and reinsurance serving a diverse group of clients. Headed by ACE Limited (NYSE:ACE), a component of the Standard & Poor’s 500 stock index, the ACE Group conducts its business on a worldwide basis with operating subsidiaries in more than 50 countries. Additional information can be found at: www.acelimited.com.