In order to thoroughly protect companies and their directors and officers in an increasingly complex litigation and regulatory environment in the US and around the world, XL Group's Professional Liability business has released the Executive and Corporate Securities Liability policy form.
Extensions of coverage now include both formal and informal investigations by a law enforcement or regulatory authority, and the addition of broadened defense and settlement expense coverage, among other enhancements.
Richard Wall, Vice President of Underwriting, XL Group’s Professional business, said, "In today’s global economy, companies and their directors and officers are subjected to emerging risks, and unprecedented regulatory and shareholder scrutiny."
XL Group’s enhanced Executive and Corporate Securities Liability Insurance Coverage includes:
Expanded coverage for formal and informal investigations by a law enforcement or regulatory authority for insured persons;
An extension of coverage to the company in a formal investigation when an insured individual is concurrently under investigation;
A broader definition of loss which now includes plaintiff’s attorney fees associated with a settlement; Side-A coverage for fines, penalties, and taxes levied against an insured person in the event of a company insolvency; civil penalties for FCPA and SOX 308 violations; and damages, judgments, settlements and pre-and post-judgment interest.
Additional defense expenses covered including expert fees and costs incurred with a claim pursuant to SOX 304 and Dodd-Frank 954; arrest, detainment, or incarceration of an insured individual in relation to company business.
Through XL Group’s insurance companies, XL Group’s Professional business provides professional liability insurance for directors and officers, financial institutions, architects, engineers and other businesses and service professionals, in addition to other lines of insurance coverage including cyber and technology, commercial crime and fraud, and employment practices liability insurance.