LONDON--(BUSINESS WIRE)--ACE Group today launched Elite V in Continental Europe, a new and enhanced insurance policy designed to cover the evolving directors and officers liability risks of medium-sized, large and multinational listed and private companies, as part of its continued strategy to provide comprehensive market-leading insurance cover for management liability risks across the region.
In response to the changing risk environment and feedback from brokers and clients, the Elite V policy breaks with traditional market practice by providing several distinctive coverage enhancements, including:
- Preservation of the Side A limit, providing a reinstated limit of liability for any Side A losses should an unrelated claim lead to erosion of the original limit of liability, whether it occurs on the Side A, B or C element of the policy.
- A cyber privacy and confidentiality extension, providing an additional limit of liability for claims occurring as a direct result of a data privacy breach or unauthorised disclosure of data or confidential information.
- An environmental violation extension, providing an additional limit of liability for claims deriving from actual, alleged or threatened pollution escape, including greenhouse gases, or any regulator instruction for remediation.
- Securities claims cover, protecting the company and its directors and officers against claims involving the violation of securities legislation.
The product enhancements follow recent research by ACE which highlights that D&O liability, cyber and environmental risks are three of the top emerging risk areas giving concern to medium-size and larger businesses across the region, with at least 40% of executives believing each of these risks could have a significant financial impact on their business over the next two years.
Local language wordings developed for each of ACE’s key markets in Continental Europe will be rolled out in the coming weeks in conjunction with ACE’s local financial lines underwriting teams.
Grant Cairns, Regional Manager, Financial Lines for ACE in Continental Europe, said:
“Our new Elite V policy wording provides European businesses and multinationals with market-leading cover for the changing D&O risks that they face, backed up by the reassurance of experienced claims support from specialist local teams should the unexpected happen.
“The Side A preservation gives directors and officers the added confidence of protection in the event of other D&O claims eroding policy limits, while our other coverage enhancements reflect the reality that directors’ liabilities today increasingly extend beyond the traditional categories of D&O risk.”
Jeff Moghrabi, Regional President, Continental Europe at ACE, said:
“ACE is committed to providing brokers and clients across Continental Europe with the high quality cover they need for today’s changing management liability risks. Elite V is designed to support the needs of both listed and private companies and brings our extensive experience in the D&O market together with our leadership in important emerging risk areas such as cyber and environmental risk to deliver comprehensive protection for businesses and their directors and officers.”
ACE Group is one of the world’s largest multiline property and casualty insurers. With operations in 54 countries, ACE provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. ACE Limited, the parent company of the ACE Group, is listed on the New York Stock Exchange (NYSE: ACE) and is a component of the S&P 500 index.