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Comprehensive Personal Asset Protection, with Two Free Reinstatements,
Comprehensive Discovery Periods, Automatic Renewal and many more
features.
LONDON & STOCKHOLM & OSLO & COPENHAGEN & HELSINKI--(BUSINESS WIRE)--
ACE Bermuda International today announced the launch of ACE NorDIC
Directors and Officers Liability policy, designed to protect the
personal assets of executives and board members of leading companies in
the Nordic region. ACE has a long and respected history in the
management liability arena and has been at the forefront of personal
asset protection for directors and officers for almost 30 years.
The ACE NorDIC Directors and Officers (D&O) liability policy has been
designed to complement the company’s existing D&O offering provided
locally through ACE’s network of offices in the region. It represents
another step in the company’s strategy to provide market-leading
liability solutions and superior service for public and private
multinational organisations and middle market clients along with
targeted offerings for SMEs.
The ACE NorDIC policy is structured to offer extremely broad,
comprehensive personal asset protection for directors and officers and
coverage cannot be cancelled or rescinded for any reason except for
non-payment of premium. ACE NorDIC provides “DIC”
(Difference-In-Conditions) coverage and can “drop down” to any position
in the underlying programme, even primary, in instances where the
underlying insurers are insolvent, fail to pay, rescind their policy or
simply do not provide coverage. In addition, bespoke cover can be
arranged to protect personal liability arising as a result of mergers
and acquisitions or other corporate transactions where there might
otherwise be insurance coverage gaps for board members and executives at
a time of heightened exposure.
“ACE NorDIC’s comprehensive coverage coupled with ACE’s financial
strength and multinational proposition ensure directors and officers can
focus on effectively and efficiently managing their companies with the
security of knowing that they are ACE insured” said David Gutteridge,
Professional Lines Manager, ACE Bermuda International.
“With separate polices available for Sweden, Norway, Denmark and
Finland, the breadth of coverage in the ACE NorDIC product offers a
significant breakthrough in personal asset protection from the
liabilities invariably threatening directors and officers” said Jonathan
Boyd-Wallis, Senior Underwriter, Professional Lines, ACE Bermuda
International.
Market leading features* of the ACE NorDIC policy include:
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Two free reinstatements of the limits
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Free six year insolvency reporting period
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Free automatic reporting period of unlimited duration for former
directors and officers
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Separate funds established, including ACE NorDIC Access Fund (subject
to separate limit), Public Relations Fund (sublimit) and Enforcement
Fund (sublimit)
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Broad definition of claim and insureds
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Expansive recognition of underlying limit erosion
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Automatic policy renewal capabilities
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Definition of non-indemnifiable loss includes failure of the company
to indemnify within 60 days after the insureds request such
indemnification
*Product features are summaries only; please see the actual policy for
terms and conditions.
About ACE
ACE Bermuda International, the Dublin based subsidiary of ACE Bermuda
Insurance Ltd., is rated A++ by A.M. Best Company and AA by Standard &
Poor’s. ACE Bermuda International provides commercial insurance products
to a global client base targeting large companies and covering exposures
that are generally low in frequency and high in severity. Additional
information can be found at www.acegroup.com/bm.
ACE Bermuda International Insurance (Ireland) Limited trading as ACE
Bermuda International is regulated by the Central Bank of Ireland.
ACE Group is one of the world’s largest multiline property and casualty
insurers. With operations in 54 countries, including Sweden, Denmark,
Norway and Finland, 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 ACE Group, is listed on the New York
Stock Exchange (NYSE: ACE) and is a component of the S&P 500 index.
Additional information can be found at: www.acegroup.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150623005715/en/
Source: ACE