ACE Bermuda International (ACE), a subsidiary of ACE Bermuda Insurance, has enhanced its CODA product which provides personal asset protection for directors & officers in the UK.
ACE has said that CODA provides the coverage for directors and officers where they cannot be indemnified by their companies, or when traditional insurance programmes fail to respond to their needs. CODA is a ‘Side A’ cover designed to sit as an excess layer above traditional directors and officers programs.
According to the ACE, the enhancements to the CODA product include blanket outside board coverage for all companies (including coverage for directorship in US companies); reinstated limit available as an additional main board benefit; the main board is empowered to waive the insured vs insured and bodily injury/property damage exclusions; coverage provided for corporate taxes falling on individual shoulders following insolvency of the parent or any subsidiary and coverage for civil penalties associated with an unintentional breach of the law.
The benefits of the CODA policy are paid directly to the individuals rather than the company in the event of a claim. The CODA policy can be purchased either separately or as part of a package providing flexibility to tailor programmes to meet individual needs.
Charles Davidson, underwriting manager, professional lines,of ACE Bermuda International, said: “CODA offers individual company directors and officers some of the broadest and most responsive levels of personal asset protection available.”
Anup Seth, managing director, ACE Bermuda International, said: “The level of responsibility placed on individual directors has not abated and so appropriate personal asset protection is an important issue.
We are able to focus our underwriting expertise and extensive claims experience in this class of business to provide the ultimate protection for UK directors and officers.”