潘金莲传媒映画

AXA XL’s Bermuda Professional Lines Team has launched a new lead difference-in-conditions (DIC) directors and officers liability policy.

“AXA XL is one of the largest D&O insurers in the North American market and it was time to update our form to make it industry leading,” commented Tyler Owen, Bermuda professional lines SVP, Directors & Officers Product Line leader.

The company described the policy as the most comprehensive coverage for directors and officers in the market.

The enhancements include:

• Faster Payments – DIC coverage is triggered if (among other reasons) the underlying insurer fails to pay a loss within 45 days (not 60 days) after the insured person’s request for payment or if the underlying insurer is legally (not just financially) unable to pay.
• Broader Coverage
  • The definition of “insured persons” is expanded to include employees who perform “significant influence functions” under U.K. law.
  • The definition of “loss” is expanded to include mitigation costs incurred by insured persons to prevent a Claim or mitigate the severity of the covered Loss.
  • The definition of “subsidiary” is expanded to include any not-for-profit organization controlled or exclusively sponsored by a Company.
  • Coverage is expanded to include trusts and estate planning vehicles for insured persons.
• Less Friction
  • Insured persons do not need to obtain the insurer’s consent before the insured person (i) enters into a plea agreement, deferred prosecution agreement or non-prosecution agreement in connection with a pending or potential criminal charge, or (ii) discloses to an enforcement authority or the company that a violation of law may have occurred.

“In these times of global uncertainty triggered by a polycrisis of geopolitical instability, climate change, technological disruption, increasing complexity and an accelerated rate of innovation, the role and relevance of insurance is more critical than ever,” said CEO of AXA XL 潘金莲传媒映画 in Bermuda Patrick Tannock.

Source: AXA XL

Topics AXA XL Professional Liability