HARTFORD, Conn.--(BUSINESS WIRE)--The Travelers Companies, Inc. (NYSE: TRV) today announced the availability of a new coverage that offers additional support to directors and officers who are asked to appear at meetings or produce documents as part of an internal corporate investigation. While most Directors and Officers (D&O) policies for publicly-traded companies provide coverage for defense expenses incurred when directors and officers respond to interview requests from regulatory bodies, the new Enhanced Interview Request Coverage from Travelers can reimburse those costs incurred when companies conduct their own investigations, before any government involvement.
“Due to the renewed focus on individual misconduct in corporate investigations, it’s important for directors and officers to have comprehensive protection,” said Shanda Davis, D&O Product Manager for Bond & Specialty Insurance at Travelers. “Given the current regulatory environment, this is a smart way to make a needed addition to the coverage provided by a public D&O insurance policy.”
The Enhanced Interview Request Coverage addresses evolving exposures created by regulations that require corporations to help investigate and identify individuals responsible for misconduct. The coverage, which can be triggered when a company self-reports potential corporate wrongdoing, brings a layer of protection to public businesses and individuals at an earlier time in the investigation process.
More public company executives are citing D&O exposure as a top business concern. In the 2016 Travelers Business Risk Index, more than 50 percent reported worrying about risks relating to compliance with U.S. laws and regulations. The Travelers Risk Index study found that publicly-traded companies are 60 percent more concerned than other firms about their board of directors being accused of fraud, unfair business practices or a breach of their fiduciary duties, and that only 30 percent of public company executives believe their business is properly insured.
The Travelers Companies, Inc. (NYSE: TRV) is a leading provider of property casualty insurance for auto, home and business. A component of the Dow Jones Industrial Average, Travelers has approximately 30,000 employees and generated revenues of approximately $28 billion in 2016. For more information, visit www.travelers.com.