ACE Bermuda announces enhanced directors and officers liability policy

ACE Bermuda, the Bermuda-based subsidiary of ACE Limited, has announced the launch of an enhanced CODA Premier Directors and Officers Liability Policy that is available through the insurer’s commercial property and casualty insurance businesses in North America.

Among the policy’s new features are 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; broadened definition of claim and insureds; expanded recognition of underlying limit erosion; automatic policy renewal capabilities; and defence cost advancement within 60 days, notes a press release issued Monday by ACE.

“With this revolutionary coverage, our global network, and our offering of up to $100 million in combined capacity through our businesses in Bermuda, the U.S. and Canada, directors and officers can focus on effectively and efficiently managing their businesses with the security of knowing that they are ACE insured,” Jeffrey Jabon, senior vice president of ACE Bermuda Professional Lines, says in the statement.

“Providing directors and officers with the coverage they need is a priority of ACE. The policy contains several market-leading enhancements in response to an evolving business and regulatory environment,” adds Robert Wolfe, senior vice president of ACE USA Professional Risk.

The policy is structured to offer broad, comprehensive coverage that cannot be cancelled or rescinded for any reason except for non-payment of premium.