ACE Bermuda International, a subsidiary of ACE Bermuda Insurance, has announced that all CODA policies will be issued at inception, effective July 1, 2008.
The company has also announced the launch of its new 2008 CODA policy aimed at the UK business market, featuring enhanced personal asset protection for directors and officers.
Enhancements to the 2008 CODA policy includes – protection against payment delays; broader coverage for legal costs; personal conduct exclusions significantly narrowed; blanket outside board coverage for the main board; and automatic extradition costs coverage with no sub-limit.
Charles Davidson, professional lines manager with ACE Bermuda International, said: The new 2008 CODA policy responds to the increasing exposures faced by directors and executive officers of UK corporations under the UK Companies Act 2006 by ensuring that their personal assets are adequately protected.
Our commitment to issuing policies at inception is a significant differentiator in the directors and officers market and tangibly demonstrates our commitment to contract certainty.