ACE Bermuda announced that it has launched a new CODA Premier Directors and Officers Liability Policy. The CODA Premier policy offers unparalleled personal asset protection to directors and officers and is available through ACE's commercial property and casualty insurance businesses in North America. Significant enhancements include limits reinstatement; longer claims reporting periods; funds for public relations purposes, to contest extradition and to pursue policy access when challenged by others; broadened coverage for preliminary investigations, extradition proceedings and detention; and automatic renewal.
"ACE’s CODA Premier policy has been the market standard for almost 30 years. That is a meaningful differentiator for clients who not only demand innovation but who also care about consistency and sustainability," said Jeffrey Jabon, Senior Vice President, ACE Bermuda Professional Lines. "With this revolutionary coverage, our global network, and our offering of up to $100 million in combined capacity through our businesses in Bermuda, the U.S. and Canada, directors and officers can focus on effectively and efficiently managing their businesses with the security of knowing that they are ACE insured."
"We proactively look for ways to improve and create value for our clients, and we developed the new CODA policy with the aim of providing the most robust D&O coverage in the market," said Robert Wolfe, Senior Vice President, ACE USA Professional Risk. "Providing directors and officers with the coverage they need is a priority of ACE. The policy contains several market-leading enhancements in response to an evolving business and regulatory environment."
New features* of the CODA Premier® policy include:
Two free reinstatements of the limits
Additional free six year insolvency reporting period
Additional, free automatic reporting period of unlimited duration for former directors and officers
Separate funds established, including CODA Access Fund limit, Public Relations Fund sublimit and Enforcement Fund sublimit
Broadened definition of claim and insureds
Coverage for expenses incurred by executive officers in connection with SOX Section 304(a) or Dodd-Frank Sections 210 and 954
Expanded recognition of underlying limit erosion
Automatic policy renewal capabilities
U.K. Corporate Manslaughter and Corporate Homicide defense costs coverage
Defense cost advancement within 60 days
The policy is structured to offer broad, comprehensive coverage that cannot be canceled or rescinded for any reason except for non-payment of premium.