Swiss commercial property-casualty insurer Zurich has rolled out a new Side A D&O policy to deal with the growing litigation landscape and provide cover for liability exposures globally, including China, Brazil, Mexico, Japan and India.
Currently available for customers in the US, the new policy will also be provided to Canadian customers in the near future.
Zurich North America management solutions business head Mike Karmilowicz said that the corporate leaders have increasingly become targets of regulatory scrutiny and civil litigation, and this uncertainty becomes even more apparent when a company seeks to expand its global footprint in other parts of the world.
"As their roles and responsibility grow, corporate leaders face even more region-specific exposures and local regulations."
The executive universal select insurance side A policy offers global coverage and services in more than 200 nations, tailored to local rules and regulations and premium tax obligations.
Furthermore, the product offers broad coverage grants and limited exclusions, advancement of defense costs, option for directors and officers to purchase extended reporting period and non-rescindable coverage for additional reassurance.
The policy has been built using Zurich’s Multinational Insurance Application (MIA) that provides greater assurance of compliance with various insurance and premium tax regulations.
"A traditional D&O policy may have many limitations, opening up coverage gaps and leaving director and officers at risk," Karmilowicz said.
"Zurich’s Side A policy has broader coverage grants and limited exclusions that help provides coverage for a company’s officers and directors."