Beazley has introduced a flexible suite of directors and officers (D&O) liability insurance that provides multiple options to meet the needs of organisations and senior individuals.
The suite ranges from a single policy to cover the organisation and its directors, through to policies addressing the specific needs of individuals. Using clear and concise wordings, the suite builds on the success of Beazley’s comprehensive D&O policy (‘Side ABC’), which covers directors and officers along with the organisation’s securities-related liability.
Included is an innovative ‘Side A Difference in Conditions (DIC)’ policy, which insures individuals when their employer does not indemnify them. The cover responds either when limits on the underlying D&O cover are exhausted or when an underlying insurer refuses or fails to pay a claim within the correct timeframe. Beazley has introduced a pared-back wording to help brokers and clients see exactly what the policy covers. Rather than restating all of the policy terms, Beazley’s Side A DIC policy simply follows the primary wording and highlights the three areas where cover differs:
There is no fixed time limit for claims notification
The expanded D&O suite includes the following policies:
Catherina MacCabe, Beazley’s head of international management liability, said: “The risks that organisations and their leaders face are changing all the time and they need insurance that responds accordingly. Those in senior positions want reassurance that there is cover in place that will provide protection in the event of a liability claim or regulatory investigation. Our D&O suite provides organisations and directors with a range of policy options with simple, clear wordings to ensure brokers and clients know their cover meets their specific D&O liability needs.”
These policies are available to non-US domiciled organisations and offer limits of $25m. Beazley also has a well-established range of D&O covers for US-based businesses.
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