Offers automatic recognition of depletion of sub-limits in the primary
Arch Insurance Group has unveiled new excess management liability policy called Arch Essential Excess Policy.
The company said the policy is the key, advantage brokers and insureds are looking for to achieve their goals of follow-form coverage for D&O, fiduciary, EPL or crime exposures.
According to Arch Insurance, the new product provides advantages such as, follow-form insuring agreement; exhaustion of the underlying language (including payment by the insured or a DIC carrier); automatic recognition of depletion for sub-limits in the primary; definitions of the primary policy (application, claim, loss and insured) are incorporated into this policy and no subrogation or cancellation sections.
John Rafferty, executive vice president of executive assurance at Arch Insurance Group, said: “Clients and brokers seek clarity and predictability in the placement and performance of their insurance towers.
Our new Arch Essential Excess Policy form greatly minimizes two major concerns often cited with excess policy forms: competing and unnecessary language, and/or procedural hurdles that can complicate the performance of the insurance tower when needed most.”