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Feb. 8, 2012 /PRNewswire/ -- Beazley Group plc (BEZ.L) announces today the introduction of Beazley Bridge, an innovative solution that will help brokers secure robust D&O insurance coverage for US multinational corporate clients - through a single insurance contract - to cover executives outside
the United States.
Brokers have until now faced challenges in obtaining international coverage to protect executives of U.S. based multinational corporations. Normally a separate policy will need to be issued for each covered territory and premium taxes assessed and paid for each policy. The task of coordinating this complex and time consuming process usually falls to the corporation's broker.
Directors and officers of multinational corporations are increasingly threatened by exposures deriving from outside
the United States, including increased regulatory scrutiny, emboldened activist investors, and the wider adoption of collective and class actions.
Beazley Bridge, coverage underwritten by the Beazley syndicates at Lloyd's, simplifies the process of obtaining coverage for these risks by leveraging Lloyd's global network of insurance licenses, which now extends to more than 65 countries. The wording extends the standard D&O policy underwritten by Beazley, and:
provides Side A "Difference in Conditions" coverage (protecting executives against claims that cannot be indemnified by their employers) in all eligible territories;
can be inserted at any attachment point in the program/tower; and
facilitates the assessment, collection and remittance of insurance premium tax.
Neal Wilkinson, global head of Beazley's management liability team, said, "As the leading insurer of directors and officers insurance in the Lloyd's market, Beazley is well placed to take advantage of the unique network of insurance licenses that Lloyd's has built up over more than three centuries. Beazley Bridge has been carefully designed to provide easily understandable and painlessly placed protection for directors and officers, introducing simplicity and flexibility into the insurance purchase."
The key features of the Beazley Bridge solution include:
Coverage provided via one contract
Coverage flexibly provided from any layer of a tower
Contract certainty and clarity of coverage from inception
One invoice, inclusive of premiums and insurance premium taxes by country
No need for multiple policies translated into multiple foreign languages