LONDON--(BUSINESS WIRE)--
ACE Group today launched Elite V in Continental Europe, a new and
enhanced insurance policy designed to cover the evolving directors and
officers liability risks of medium-sized, large and multinational listed
and private companies, as part of its continued strategy to provide
comprehensive market-leading insurance cover for management liability
risks across the region.
In response to the changing risk environment and feedback from brokers
and clients, the Elite V policy breaks with traditional market practice
by providing several distinctive coverage enhancements, including:
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Preservation of the Side A limit, providing a reinstated limit
of liability for any Side A losses should an unrelated claim lead to
erosion of the original limit of liability, whether it occurs on the
Side A, B or C element of the policy.
-
A cyber privacy and confidentiality extension, providing an
additional limit of liability for claims occurring as a direct result
of a data privacy breach or unauthorised disclosure of data or
confidential information.
-
An environmental violation extension, providing an additional
limit of liability for claims deriving from actual, alleged or
threatened pollution escape, including greenhouse gases, or any
regulator instruction for remediation.
-
Securities claims cover, protecting the company and its
directors and officers against claims involving the violation of
securities legislation.
The product enhancements follow recent research by ACE which highlights
that D&O liability, cyber and environmental risks are three of the top
emerging risk areas giving concern to medium-size and larger businesses
across the region, with at least 40% of executives believing each of
these risks could have a significant financial impact on their business
over the next two years.
Local language wordings developed for each of ACE’s key markets in
Continental Europe will be rolled out in the coming weeks in conjunction
with ACE’s local financial lines underwriting teams.
Grant Cairns, Regional Manager, Financial Lines for ACE in Continental
Europe, said:
“Our new Elite V policy wording provides European businesses and
multinationals with market-leading cover for the changing D&O risks that
they face, backed up by the reassurance of experienced claims support
from specialist local teams should the unexpected happen.
“The Side A preservation gives directors and officers the added
confidence of protection in the event of other D&O claims eroding policy
limits, while our other coverage enhancements reflect the reality that
directors’ liabilities today increasingly extend beyond the traditional
categories of D&O risk.”
Jeff Moghrabi, Regional President, Continental Europe at ACE, said:
“ACE is committed to providing brokers and clients across Continental
Europe with the high quality cover they need for today’s changing
management liability risks. Elite V is designed to support the needs of
both listed and private companies and brings our extensive experience in
the D&O market together with our leadership in important emerging risk
areas such as cyber and environmental risk to deliver comprehensive
protection for businesses and their directors and officers.”
About ACE:
ACE Group is one of the world’s largest multiline property and casualty
insurers. With operations in 54 countries, ACE provides commercial and
personal property and casualty insurance, personal accident and
supplemental health insurance, reinsurance and life insurance to a
diverse group of clients. ACE Limited, the parent company of the ACE
Group, is listed on the New York Stock Exchange (NYSE: ACE) and is a
component of the S&P 500 index.
Visit www.acegroup.com/eu
Source: ACE Group