What’s New: In Brief (May 30, 2008)

Chubb Insurance Company of Canada launched its Executive Elite policy, the latest addition to the company’s suite of directors’ and officers’ and other professional liability products.
Executive Elite is classified as an excess Clause 1 or Side A policy, protecting individual directors and officers exclusively, a Chubb release says.
It is designed as an excess policy to respond to claims when a company is unable to indemnify its directors and officers, or when underlying D&O liability policies are unable to respond to the claim.
The policy also features a Difference in Conditions clause. So if insolvency or coverage that is excluded under the primary policy has prevented an underlying policy from responding to a claim, Executive Elite will “drop down” to serve as a primary policy.
“A more regulated corporate governance environment, and a resulting rise in settlement costs, have combined to spell increased personal exposure for individual officers and directors in Canada,” said David Williams, senior vice president and manager of Chubb Specialty Insurance, Chubb Canada. “Executive Elite is the ultimate backstop to ensure individuals are personally protected.”

Carstar Automotive Canada Inc. and participating collision centres are now selling tickets for their annual “Soaps It Up!” fundraiser for cystic fibrosis (CF).
Customers can purchase tickets for the car wash events for $5, up to and including June 14. More than 50 events will occur across the country on June 14 at participating collision centres. Each ticket purchased will count as a ballot for the chance to win an all-inclusive trip for two to Holguin, Cuba (at the Playa Pesquero), a fishing getaway or a $1,000 HBC shopping spree.
To date, Carstar has raised more than Cdn$1.5 million for the Canadian Cystic Fibrosis Foundation through this event and other initiatives. CF attacks the lungs and digestive system, and is the most common fatal genetic disease affecting young Canadians, says a Carstar release.
For more details, to purchase a ticket or to make a donation, visit: http://carstar.ca/eng/soapsitup/soapitup.html.