PHILADELPHIA--(BUSINESS WIRE)--ACE Westchester, the U.S.-based wholesale-focused property and casualty operation of the ACE Group of Companies, today announced the launch of a new product, Retired Directors AssuranceSM, a first-of its-kind stand-alone policy designed to protect the personal assets of retired directors who have served on the board of directors for publicly-traded, private and not-for-profit organizations and companies. Additionally, ACE Westchester has established a strategic alliance with Retired Directors Assurance Underwriting Services (RDAUS), who will serve as the Program Agent for the Retired Directors AssuranceSMproduct offering, with coverage offered through Westchester Surplus Lines Insurance Company (WSLIC) and other ACE affiliates, part of the ACE Group of Companies.
The ACE Westchester Retired Directors AssuranceSM (RDA) product offers comprehensive insurance coverage to retired directors for a period of six years, which covers the statute of limitations imposed under the Sarbanes-Oxley Act of 2002. The RDA policy will provide a dedicated limit of liability for the individual director and cannot be cancelled or rescinded for any reason, except for non-payment of premium. Coverage will be written on a broad form that will offer difference-in-condition terms as well as the covered directors’ right to select counsel.
“In this era of ever-changing litigation and severity of claims, the need for retired directors to have comprehensive individual protection in the event that they leave or retire from the board has never been more critical,” said David Lupica, President, ACE Westchester Professional Risk Division. “We’re proud to continue the ACE Group’s more than two-decade history of addressing a director’s personal risk by now addressing the unique needs of retired directors. Offering this innovative product through our strategic alliance with Retired Directors Assurance Underwriting Services provides retiring directors with much-needed protection. In addition it provides companies the ability to attract and retain skilled directors.”
Steve Wilson, President of Retired Directors Assurance Underwriting Services said: “The decision to join forces with ACE Westchester allows us to fill a gap in a director’s personal exposure and to provide him or her with long-term financial protection and security. We are pleased to be part of this product offering and value our relationship with ACE Westchester.”
About Retired Directors Assurance Underwriting Services:
Retired Directors Assurance (RDAUS) Underwriting Services is a Program Agent with underwriting duties and responsibilities for the RDA product offering on behalf of ACE Westchester. To learn more about RDAUS, please visit: www.retireddirectors.com or contact Steve Wilson at (866) 212-3030 or firstname.lastname@example.org.
To learn more about ACE Westchester and its range of products and services, please visit:www.westchesterspecialty.com. Product highlights are summaries only; please see actual policy for terms and conditions. Products may not be available in all states.
ACE Westchester is the U.S.-based wholesale focused excess and surplus property and casualty operations of the ACE Group of Companies, which is headed by ACE Limited (NYSE:ACE). The ACE Group of Companies provides insurance and reinsurance products and services through operating subsidiaries for a diverse group of clients around the world.