Allied World US, a subsidiary of Switzerland-based specialty insurance and reinsurance company, Allied World Company Holdings (AWH), has rolled out a new independent directors liability product named Independent ForceField.
The new insurance policy offers complete protection for directors’ personal assets, in case all other sources of recovery have been used or impaired.
Independent ForceField is the newest policy in the ForceField product suite, which caters customized protection against claims arising from any actual or alleged breach of fiduciary duty or other wrongful acts.
According to the Swiss company, coverage under the policy is available worldwide on both an excess and ‘difference-in-conditions’ basis.
Allied World US professional lines senior vice president Thomas Kennedy said that as public scrutiny and SEC investigations of directors and officers increase, the risk of insufficient or depleted limits for independent directors continues to grow.
"With a limit of portable liability and a broad definition of ‘wrongful act’ and a ‘loss’, Independent ForceField, addresses the multitude of risks that independent directors face today," Kennedy added.
Allied World Assurance Company Holdings, through its subsidiaries offers an array of property, casualty and specialty insurance and reinsurance products and services.