ZUG, Switzerland--(BUSINESS WIRE)--Allied World Assurance Company Holdings, GmbH announced today new enhancements to its Executive ForceField® Side A, Lead Difference in Conditions (DIC) product. The revised policy, available to companies throughout Canada, offers significant enhancements.
“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,” said Christian Gravier, President, North American Professional Lines. “While this product closely mirrors our recently revised US 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.”
“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, Public D&O Division. “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.”
New policy features (subject to actual policy for terms and conditions):
- 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;
- Expanded Difference in Conditions features;
- Automatic coverage for any new subsidiaries added during the policy period;
- Enhanced definition of Loss that applies to taxes, insurability and remediation;
- Defense 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.
About Allied World
Allied World Assurance Company Holdings, GmbH, through its subsidiaries, is a global provider of insurance and reinsurance solutions. We operate under the brand Allied World and have supported clients, cedents and trading partners with thoughtful service and meaningful coverages since 2001. We are a subsidiary of Fairfax Financial Holdings Limited, and we benefit from a worldwide network of affiliated entities that allow us to think and respond in non-traditional ways. Our capital base is strong, our solutions anticipate rather than react to changing trends, and our teams are focused on establishing long-term relationships that are mutually beneficial. Learn more about how we can help you manage your risk by visiting: Web: www.awac.com | Facebook: www.facebook.com/alliedworld | LinkedIn: https://www.linkedin.com/company/allied-world
Cautionary Statement Regarding Forward-Looking Statements
Any forward-looking statements made in this press release reflect our current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties, which may cause actual results to differ materially from those set forth in these statements. For example, our forward-looking statements could be affected by the extent to which we are able to recognize the benefits of the completed acquisition by Fairfax Financial Holdings Limited; pricing and policy term trends; increased competition; the adequacy of our loss reserves; negative rating agency actions; greater frequency or severity of unpredictable catastrophic events; the impact of acts of terrorism and acts of war; the company or its subsidiaries becoming subject to significant income taxes in the United States or elsewhere; changes in regulations or tax laws; changes in the availability, cost or quality of reinsurance or retrocessional coverage; adverse general economic conditions; and judicial, legislative, political and other governmental developments, as well as management's response to these factors, and other factors identified in our filings with the U.S. Securities and Exchange Commission. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. We are under no obligation (and expressly disclaim any such obligation) to update or revise any forward-looking statement that may be made from time to time, whether as a result of new information, future developments or otherwise.