Allied World North America, part of Allied World Assurance, has introduced new Executive ForceField product for the Canadian market.
The product has been developed to address coverage gaps for directors and officers of publicly traded companies in the country.
The upgraded Directors & Officers Excess and Lead Difference-in-Conditions (DIC) insurance policy offers ‘Side A’ coverage for non-indemnified loss. It is available on both an excess and DIC basis.
Allied World professional lines senior vice-president Kent Paisley will supervise the team underwriting the product.
Paisley added: "Since the global financial crisis, the legal and regulatory environment continues to evolve, posing new challenges for companies and their executive management teams.
"Our Side ‘A’ DIC policy helps protect officers of corporations, limiting their personal financial risk and any coverage gaps that may occur in a standard policy. We believe this is the next level of protection for the individuals who every day make decisions on behalf of their companies."
Allied World, through its subsidiaries, offers property, casualty and specialty insurance and reinsurance solutions.