16 June 2014News

ACE launches refined D&O liability policy

ACE has announced the launch of the next evolution of its 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 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.

“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” says 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 UK Corporate Manslaughter Act defence costs coverage
  • Expanded reconition 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 indemnification
  • Expanded definition of claim to include UK carbon reporting requirements