Enhanced policy for UK clients launched at AIRMIC conference
improves coverage, with two free reinstatements, additional discovery
periods, automatic renewal and other features.
ACE today announced the launch of the next evolution of the CODA Premier®
Directors and Officers Liability Policy, protecting the personal assets
of executives and board members of UK and other leading European
companies. ACE's Corporate Officers & Directors Assurance (CODA) policy
has been at the forefront of personal asset protection for directors and
officers since its introduction in 1986.
The CODA Premier policy, offering unparalleled benefits and many new
features, is available in the UK through ACE Bermuda International's
Professional Lines Division. The policy contains several enhancements
that match exceptional coverage to changing exposures for an evolving
business and regulatory environment. ACE has a commitment to innovation
and the development of relevant products and services that respond
effectively to the changing needs of insureds.
"CODA's breadth of coverage coupled with ACE's financial strength and
multinational service capabilities 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 at ACE Bermuda International.
New features* of the CODA Premier policy include:
Two free reinstatements of the limits
Additional, free six year insolvency reporting period
Additional, free automatic reporting period of unlimited duration for
former directors and officers
Separate funds established, including CODA Access Fund limit, Public
Relations Fund sublimit and Enforcement Fund sublimit
Broadened definition of claim and insureds
Expanded definition of loss to include U.K. Corporate Manslaughter Act
defence costs coverage
Expanded recognition of underlying limit erosion
Automatic policy renewal capabilities
Definition of non-indemnifiable loss includes failure of the company
to indemnify within 60 days after the insureds request such
Expanded definition of claim to include UK carbon reporting
The policy is structured to offer broad, comprehensive coverage that
cannot be cancelled or rescinded for any reason except for non-payment
*Product features are summaries only; please see the actual policy
for terms and conditions.
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.
Source: ACE Group