New ACE NorDIC Directors And Officers Policy
ACE Bermuda International announced the launch of ACE NorDIC Directors and Officers Liability policy, designed to protect the personal assets of executives and board members of leading companies in the Nordic region.
The company said, “The ACE NorDIC Directors and Officers [D&O] liability policy has been designed to complement the company’s existing D&O offering provided locally through ACE’s network of offices in the region. It represents another step in the company’s strategy to provide market-leading liability solutions and superior service for public and private multinational organisations and middle market clients along with targeted offerings for SMEs.
“The ACE NorDIC policy is structured to offer extremely broad, comprehensive personal asset protection for directors and officers and coverage cannot be cancelled or rescinded for any reason except for non-payment of premium. ACE NorDIC provides “DIC” [Difference-In-Conditions] coverage and can “drop down” to any position in the underlying programme, even primary, in instances where the underlying insurers are insolvent, fail to pay, rescind their policy or simply do not provide coverage.
“In addition, bespoke cover can be arranged to protect personal liability arising as a result of mergers and acquisitions or other corporate transactions where there might otherwise be insurance coverage gaps for board members and executives at a time of heightened exposure.
“ACE NorDIC’s comprehensive coverage coupled with ACE’s financial strength and multinational proposition 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, ACE Bermuda International.
“With separate polices available for Sweden, Norway, Denmark and Finland, the breadth of coverage in the ACE NorDIC product offers a significant breakthrough in personal asset protection from the liabilities invariably threatening directors and officers” said Jonathan Boyd-Wallis, Senior Underwriter, Professional Lines, ACE Bermuda International.
