Beazley launches flexible D&O cover for non-US domiciled clients
Specialist insurer Beazley has introduced a flexible suite of directors and officers (D&O) liability insurance that provides multiple options to meet the needs of organisations and senior individuals.
The suite ranges from a single policy to cover the organisation and its directors, through to policies addressing the specific needs of individuals. Beazley said the suite uses clear and concise wordings and builds on the success of its comprehensive D&O policy (Side ABC), which covers directors and officers along with the organisation’s securities-related liability.
Included is a Side A Difference in Conditions (DIC) policy which insures individuals when their employer does not indemnify them. The cover responds either 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.
Beazley said it introduced a pared-back wording to help brokers and clients see exactly what the policy covers. Rather than restating all of the policy terms, Beazley’s Side A DIC policy simply follows the primary wording and highlights the three areas where cover differs: there is no fixed time limit for claims notification; reasonably incurred defence costs are covered by the policy; and the only exclusion relates to matters of conduct by the individuals concerned.
The expanded D&O suite includes Side ABC; Side AB; Side A; and Side A DIC policies.
Catherina MacCabe, Beazley’s head of international management liability, 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.”
The policies are available to non-US domiciled organisations and offer limits of $25m.
