Key features include additional limits for retired independent directors Side A coverage
Zurich North America Commercial has introduced Private Company Select, a suite of four coverages built off Zurich’s corporate directors & officers (D&O) policy, including management and company liability insurance, employment practices and third party discrimination liability, fiduciary liability and crime.
Zurich’s Private Company Select offers the flexibility to respond to one coverage need or to provide a suite of up to four coverages, depending on each organisation’s requirements. The product is being marketed to small to midsize organisations that generate in excess of $5 million in annual revenues.
Vincent Tizzio, president of Zurich Integrated Products, said: The fact is, these organisations face lawsuits over many of the same issues as any large corporation: financial disclosure, breach of fiduciary duties and employment practices. Increased scrutiny by the public, the media and government increases the potential vulnerability to litigation and causes an environment where increasing numbers of people seek legal remedy for their grievances.
In addition to Private Company Select’s ability to offer an IPO quote for any qualified company that decides to go public, other features include an additional coverage for retired independent directors with personal Side A coverage after all other insurance is exhausted. Private Company Select is offered as a duty-to-defend policy or as a non-duty-to-defend policy depending on the customer’s annual revenues.