Chartis has launched Executive Edge, a new policy developed by its executive liability division to address the unprecedented risks facing directors and officers of public companies.
According to Chartis, Executive Edge provides solutions for public companies and personal exposures of their executives. It provides protection when insured companies refuse or otherwise fail to provide indemnification to their executives. It is the first primary D&O and company liability policy to integrate this executive payment feature for any reason, not just company insolvency.
In addition, Executive Edge also responds to developing issues faced by business leaders, including a reinvigorated enforcement environment, increased derivative litigation, trial by press, extradition, foreign incarceration and challenges to compensation.
The company said that for multinational companies, Executive Edge expands coverage to match what its insurers provide in foreign markets through its global liberalization clause. Further, complexities of cross-border placement may be addressed through the company’s passport service platform.
Michael Smith, president of Executive Liability at Chartis, said: “With higher stakes for public company leadership, directors and officers are more concerned than ever before about their reputations and personal assets. Executive Edge is the only D&O policy available on the market that offers comprehensive protection for the real exposures facing public company executives in today’s volatile market.”
The new policy is expected to roll out on May 3, 2010.