ACE Launches CODA In Netherlands
ACE Bermuda International (ABI) launched a Corporate Officers & Directors Assurance (CODA) executive liability insurance policy in the Netherlands.
The CODA policy form has been protecting the personal assets of directors and officers (D&O) since its introduction in 1986. CODA provides premier insurance cover for executive risks when a company fails or is otherwise unable to protect that individual.
ABI launched CODA in the UK in November 2006 and the demand for CODA and similar products continues to grow dramatically amongst the boards and senior executives of FTSE 350 companies.
The Netherlands has knowledgeable D&O insurance purchasers who recognise the need for specialised protection for directors and officers who are increasingly exposed to allegations of mismanagement and claims for breaches of the Dutch Civil Code.
Consequently, ACE Bermuda International is now offering CODA coverage to directors and officers of Dutch companies with a particular focus on the AMX and AEX index companies.
Key features of the CODA policy include: primary or excess coverage that provides extremely broad personal asset protection (Side A coverage) compared to traditional D&O policies; dedicated limits of liability of up to EUR25m for directors and officers that cannot be eroded by claims against the company; and difference-in-conditions “drop down” coverage in the event that either an underlying insurer is unable or is unwilling to pay a covered claim or where an underlying insurer’s policy is more restrictive than the CODA cover.
Commenting on the launch of CODA in the Netherlands, Anup Seth, Managing Director, ACE Bermuda International, said: “There is a significant need for CODA in the Netherlands as we believe that directors and officers of Dutch companies are challenged with increasing regulatory and litigation risks. This launch demonstrates ACE Bermuda International’s ongoing commitment to innovation, thought leadership and the provision of coverage that reflects current challenges and client needs in the Netherlands.”
“We are delighted to extend our tested and proven CODA benefits to directors and officers of Dutch companies in this milestone year as we celebrate CODA’s 25th anniversary” said David Gutteridge, Professional Lines Manager for ACE Bermuda International.
All CODA policies are backed by ACE’s recognised financial, strength recently upgraded to AA- by S&P. CODA has 25 years of experience in managing complex and high profile Side A claims.
