Chartis has launched Premier Excess II, a new excess policy designed to ease placement of follow form financial lines coverages by providing efficient replication of underlying terms and conditions at high limits of coverage. It was developed by the comapany’s Cat Excess Liability division.
According to Chartis, Premier Excess II simplifies process of securing excess coverage across multiple financial lines insurance policies, including directors and officers liability, employment practices liability, fiduciary liability, and errors and omissions liability. The new form uses ‘plain language’ wording to follow definitions and terms of underlying policies, including claims reporting.
In addition, Premier Excess II also includes a section which recognizes payments by, or on behalf of, the underlying insurers in order to facilitate policyholder access to the Premier Excess II layer.
Jeremy Johnson, president of Cat Excess Liability, said: “Drawing on our decades of excess financial lines experience, we have created Premier Excess II to bring new ease to high-limit, follow form excess coverage and claims handling.
“The user-friendly policy eliminates the need for lengthy renegotiation of policy wording at the excess layer, while standardizing coverage and claims handling across multiple lines and layers of coverage.”