ACE has announced the launch of the next evolution of the CODA Premier Directors and Officers Liability Policy, protecting the personal assets of executives and board members of UK and other leading European companies.
ACE’s Corporate Officers & Directors Assurance (CODA) policy has been at the forefront of personal asset protection for directors and officers since its introduction in 1986.
The CODA Premier policy, offering unparalleled benefits and many new features, is available in the UK through ACE Bermuda International’s Professional Lines Division.
The policy contains several enhancements that match exceptional coverage to changing exposures for an evolving business and regulatory environment. ACE has a commitment to innovation and the development of relevant products and services that respond effectively to the changing needs of insureds.
"CODA’s breadth of coverage coupled with ACE’s financial strength and multinational service capabilities ensure directors and officers can focus on effectively and efficiently managing their companies with the security of knowing that they are ACE insured" said David Gutteridge, Professional Lines Manager at ACE Bermuda International.
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
Expanded definition of loss to include U.K. Corporate Manslaughter Act defence costs coverage
Expanded recognition of underlying limit erosion
Automatic policy renewal capabilities
Definition of non-indemnifiable loss includes failure of the company to indemnify within 60 days after the insureds request such indemnification
Expanded definition of claim to include UK carbon reporting requirements
The policy is structured to offer broad, comprehensive coverage that cannot be cancelled or rescinded for any reason except for non-payment of premium.
*Product features are summaries only; please see the actual policy for terms and conditions.