Thursday, October 14th, 2010
, part of the ACE Group of Companies®, global leaders in insurance and reinsurance, has announced a new difference in conditions (DIC) Liability Insurance for Directors and Officers. The insurance coverage has been developed to work in conjunction with other Directors & Officers (D&O) Liability cover, filling in gaps in protection.
’s Financial Lines Manager for Australia & New Zealand, Grant Cairns, said, “Directors with liability insurance may feel secure, however without DIC cover, they will always face the threat of a serious attack on their personal assets.”
With the Elite II Side A Excess DIC product there are two levels of risk transfer: the enhanced Side A insurance for a claim being made against the individual as well as cover in place for insureds in the event that the underlying D&O policy fails them. The new coverage can provide protection for insured individuals when they might not otherwise be indemnified.
“No D&O policies offer comprehensive cover in all scenarios, but through the addition of Elite II Side A Excess DIC, you gain coverage which is designed to be available when other policies fail to respond,” says Cairns.
ACE’s AUD$30 million appetite for risk enhances the Elite II Side A Excess DIC product. The offering is backed by ACE’s global strength, local underwriting expertise and excellence in claims.
There are a number of traditional exclusions in conventional D&O policies which do not exist in the ACE Insurance standard Elite II Side A Excess DIC D&O policy wording. These exclusions have become part of the standard ACE coverage features. The standard ACE coverage does not exclude: bodily injury; pollution; insured vs insured and professional services. ACE clients get protection for these areas as part of standard coverage, while conventional policies would see these areas excluded.