Director InNAVation, to protect against potential non-indemnifiable loss
Navigators Pro, a division of Navigators Management, has introduced Director InNAVation, a coverage for Directors and Officers (D&O) liability and lead DIC (difference-in-conditions) policy, to respond to concerns such as the financial insolvency of an Underlying Insurer.
The company stated that the Director InNAVation will provide follow form excess coverage over a current management liability policy, and is likely to protect against a potential non-indemnifiable loss. The policy is underwritten for US-based companies by Navigators Insurance Company and Navigators Specialty Insurance Company.
Chris Duca, president of Navigators Pro, a division of Navigators Management Company, said: In the post-global financial crisis environment, directors and officers are re-evaluating their counterparty risk on D&O. Director InNAVation(sm) offers insurance buyers a purchasing opportunity to strategically support their risk mitigation plan and diversify their D&O insurance program with the introduction of Navigators’ excellent financial security.
New York-based Navigators Group is a specialty insurance holding company with insurance operations, underwriting management companies, and operations at Lloyd’s of London. Navigators has offices in major insurance centers in the US, the UK and Continental Europe.