Allied World Assurance Company Holdings, GmbH (AWAC) has enhanced its Executive ForceField Side A, Lead Difference in Conditions (DIC) product with “Canadian-specific enhancements,” the company has reported.
The revised policy, available to companies throughout Canada, was announced in a press release late last week from the Zug, Switzerland-based company.
“This most recent update to the Executive ForceField product reflects Allied World’s commitment to providing comprehensive and dedicated Side A protection for the personal assets of directors and officers in Canada,” Christian Gravier, president of AWAC’s North American professional lines, said in the release. “While this product closely mirrors our recently revised U.S. product form, it also includes Canadian-specific enhancements, such as an enhanced definition of loss that now includes remediation costs to test for, monitor or clean up pollutants and pre-claim inquiry coverage that includes liberty protection costs.”
Among others, new policy features (subject to actual policy for terms and conditions) include:
Single claim limit allows for ability to apply multiple ‘related claims’ across two reinstatements;
Coverage for mitigation, policyholder access, reputation & asset protection costs;
A ten-year extended reporting period for financial impairment;
An additional unlimited extended reporting period for former directors and officers;
Automatic coverage for any new subsidiaries added during the policy period;
Enhanced definition of loss that applies to taxes, insurability and remediation;
Defence and pre-claim inquiry costs advanced within 30-days;
Pre-claim inquiry coverage includes liberty protection costs;
Cooperation provisions addressing potential conflicts, consent, severability and criminal sanctions; and
If coverage was broader under a prior version of the Allied World DIC policy, then the broader terms and conditions of the prior version will apply.
“Executive ForceField has been updated to address new business and regulatory risks with the goal of providing the most flexible and all-encompassing policy that exists in the Canadian market,” said Michael Piccione, senior vice president of AWAC’s Public D&O Division, in the release. “We believe that clients will find value in the enhancements and features we have incorporated to address risks and exposures to which company officials are subject in this day and age.”
Allied World Assurance Company Holdings, GmbH, through its subsidiaries, is a global provider of insurance and reinsurance solutions. It is a subsidiary of Fairfax Financial Holdings Limited and offers, among other coverages, casualty, commercial motor, construction and engineering, environmental liability, marine, personal lines, property & energy and surety.