Multiline property and casualty insurer Ace Group has introduced new directors and officers (D&O) policy in Hong Kong.
ACE elite V D&O policy has been designed to protect the management liabilities of directors and officers of large or listed companies in Hong Kong.
Ace Asia Pacific financial lines regional head Stanley Wong said: "Our new elite V D&O policy forms part of our continuous effort to better respond to clients’ needs by building on our product portfolio as well as providing cutting-edge enhancements in our coverage for evolving risks in the region."
The new policy will provide an additional limit of liability to the firm’s insured directors and officers when a new claim is filed against them and where their companies are unable to provide indemnification.
It will also offer an additional limit of liability for claims against the company’s insureds for data privacy breach or unauthorised disclosure of data or confidential information.
ACE new D&O policy is said to provide indemnity for settlements and related costs incurred as a result of action taken by insureds solely to prevent or mitigate a potential claim filed against them.
In addition, the policy will offer cover for claims against company’s insureds arising from pollution.
Ace Hong Kong, Taiwan and Macau country president Doug White said: "With Ace elite V D&O policy, we can help our clients boost their risk management efforts with coverage extending beyond the scope of traditional D&O policies, backed up by our experienced and efficient claims support should the need arise."
Image: ACE North American headquarters at Philadelphia. Photo: courtesy of William Taufic 2010.