Elite IV Entity Extension added as an endorsement to ACE's Elite IV directors' & officers' (D&O) cover
ACE Europe (ACE) has announced the launch of the Elite IV Entity Extension – an endorsement to its Elite IV Directors & Officers (D&O) cover.
ACE says it provides increased protection to private companies facing heightened exposures as a result of the recently introduced Corporate Manslaughter and Corporate Homicide Act 2007. Under the Act, organisations whose gross negligence leads to the death of individuals face prosecution for manslaughter.
The ACE Entity endorsement provides up to £1 million protection for the insured company, in addition to that provided to the directors and officers.
The extended cover includes protection for claims of wrongful acts committed by the company. In addition, cover is also extended to include legal expenses in respect of corporate manslaughter, corporate homicide and health and safety investigations.
With the introduction of Publicity Orders, which require organisations to publish details of their convictions, ACE says it will also provide cover for public relations expenses that can be used to limit the damage of negative publicity on an organisation’s reputation, specifically as a result of prosecutions under the Act.
Commenting on the increased exposures, Dan Holloway, ACE’s UK D&O Product Manager, said: “The Act makes it easier to bring lawsuits against organisations. As a leading D&O insurer, ACE believes it is time to respond to ensure that our insured’s are not left unnecessarily exposed. This extension has been developed to offer broad and effective protection for the insured entity in addition to the cover we provide to the directors and officers."
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