The range builds upon its existing Side ABC product
Specialist insurer Beazley has expanded its directors’ and officers’ (D&O) liability insurance provision to offer a suite of flexible options for non-US domiciled clients.
The new range enables customers to purchase products such as a single policy to cover the organisation and its directors, or policies that address the specific needs of individuals.
One aspect of the new suite is Beazley’s Side A Difference in Conditions (DIC) policy – this insures individuals when their employer does not indemnify them. The cover responds when limits on the underlying D&O cover are exhausted or when an underlying insurer refuses or fails to pay a claim within the correct time frame.
The Side A DIC product, which uses easy to understand pared-back policy wording, differs from Beazley’s primary provision in three key areas: there is no fixed time limit for claims notifications, reasonably incurred defence costs are covered and the only exclusion relates to matters of conduct by the individuals concerned.
Policies included in the expanded D&O suite:
- Side ABC: Comprehensive insurance covering the personal liability of the insured individual, the company’s liabilities when it indemnifies the individual and the company if faced with securities claims.
- Side AB: For private and public organisations that do not require the securities-related cover for the company provided by Side C.
- Side A: Ground up cover for individual directors and officers when the company does not indemnify.
- Side A DIC: Excess and drop-down cover for individual directors and officers when the company does not indemnify.
The revised policy suite is available for non-US domiciled organisations, including via UK regional and London market brokers. The policies also apply if organisations are domiciled outside of the US but have subsidiaries or D&Os based in America. Policy limits reach $25m.
Catherina MacCabe, head of international management liability at Beazley, said: “The risks that organisations and their leaders face are changing all the time and they need insurance that responds accordingly.
“Those in senior positions want reassurance that there is cover in place that will provide protection in the event of a liability claim or regulatory investigation.
“Our D&O suite provides organisations and directors with a range of policy options with simple, clear wordings to ensure brokers and clients know their cover meets their specific D&O liability needs.”
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