AXA XL Announces Enhanced D&O Policy
AXA XL’s Bermuda Professional Lines Team has launched a new Lead DIC Directors and Officers Liability Policy.
A spokesperson said, “The updated Form offers the most comprehensive coverage for Directors and Officers in the market.”
Bermuda Professional Lines SVP, Directors & Officers Product Line Leader Tyler Owen said: “We felt that we needed a form that would not only complement, but also enhance our AA- financial rating, and superior claims paying record. 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.”
The spokesperson said, “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
- Definition of Insured Person – 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.”
Bermuda Professional Lines Chief Underwriting Officer Matthew Irvine said: “As a market leader in the Professional Lines business for decades and an integral part of AXA, the largest global underwriter of corporate risks, we are committed to providing solutions and services that continue to meet the evolving needs of our clients.”
CEO of AXA XL Insurance in Bermuda Patrick Tannock added: “In these times of global uncertainty triggered by a polycrisis of geo-political instability, climate change, technological disruption, increasing complexity and an accelerated rate of innovation, the role and relevance of insurance is more critical than ever. Here at AXA XL, we recognize this and strive to be user friendly and solution-oriented in addressing the needs of brokers and clients.”
