ACE Bermuda International has launched a new policy to help protect the personal assets of executives and board members of leading companies in the Nordic region.
Designed to provide broad and comprehensive personal asset protection for directors and officers, the ACE NorDIC Directors and Officers (D&O) Liability policy complements the company’s existing D&O offering provided locally through its network of offices in the region.
The coverage cannot be cancelled or revoked for any reason except for the non-payment of premium.
ACE Bermuda International professional lines manager David Gutteridge said: "ACE NorDIC’s comprehensive coverage coupled with ACE’s financial strength and multinational proposition ensure directors and officers can focus on effectively and efficiently managing their companies with the security of knowing that they are ACE insured."
ACE Bermuda International Professional Lines senior underwriter said Jonathan Boyd-Wallis said: "With separate polices available for Sweden, Norway, Denmark and Finland, the breadth of coverage in the ACE NorDIC product offers a significant breakthrough in personal asset protection from the liabilities invariably threatening directors and officers."
The policy includes two free reinstatements, comprehensive discovery periods, automatic renewal, as well as a free six year insolvency reporting period, among other features.
Capable of offering difference-in-conditions coverage, the policy can drop down to any position in the underlying programme, even primary, in cases where the underlying insurers are insolvent, fail to pay, rescind their policy or simply fail to provide coverage.
Additionally, a bespoke cover can be arranged to protect personal liability arising due to mergers and acquisitions or other corporate transactions that are characterized by insurance coverage gaps for board members and executives at a time of heightened exposure.
Headquartered in Dublin, Ireland, ACE Bermuda International offers commercial insurance products to a global client base targeting large companies and covering exposures that are generally low in frequency and high in severity.
Image: ACE Limited headquarters in Zurich, Switzerland. Photo: © 2015 ACE Group.