DUBLIN, Ireland--(BUSINESS WIRE)--ACE Europe (ACE)(NYSE:ACE), has today announced an extension to its Elite IV Directors & Officers (D&O) liability insurance cover. The ACE Elite IV Entity Endorsement responds to the increased exposures faced by Irish companies, their directors and senior managers as a result of The Safety, Health and Welfare at Work Act 2005.*
Under the Act, company directors and senior managers face prosecution for workplace health and safety offences. As a result, they can be held personally responsible for organisational breaches of health and safety law. In response, ACE has extended the protection available to Irish SME companies under the Elite IV wording which now provides:
In addition, specific cover is provided for employment practices liability claims against the company, providing balance sheet protection against defence costs and awards incurred defending claims for actual or alleged employment related wrongful acts.
Commenting on the extension to its cover, Damien Toal, ACE’s Financial Lines Manager for Ireland, said: “The legal and legislative environment for small and medium sized companies and their directors is constantly evolving - as a leading provider of D&O insurance, it is vital that our cover continues to reflect these changes.
“Under the Act, individual directors are increasingly at risk and it is important that they have cover in place which will protect their individual assets. The addition of separate limits of liability for claims against the company itself is vital protection for small and medium sized companies where the directors, officers and senior managers are likely to have a substantial financial interest in the company.”
Notes to Editors
* The Safety, Health and Welfare at Work Act 2005
The Health and Safety Authority is required, under section 57 of the Safety, Health and Welfare at Work Act 2005 (No. 10 of 2005) to keep under review safety and health legislation (relevant statutory provisions) and other statutes (associated statutory provisions) that have a bearing on occupational safety and health. The Authority will submit such proposals to the Minister for Labour Affairs, as appropriate, from time to time.
A wide range of occupational safety and health and dangerous substances legislation and associated codes of practice are administered and enforced, in whole or part, by the Health and Safety Authority.
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), 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