ACE Bermuda Announces New CODA Premier® Directors And Officers Policy

 ACE Bermuda today announced that it has launched a new CODA Premier Directors and Officers Liability Policy. The CODA Premier policy offers unparalleled personal asset protection to directors and officers and is available through ACE’s commercial property and casualty insurance businesses in North America. Significant enhancements include limits reinstatement; longer claims reporting periods; funds for public relations purposes, to contest extradition and to pursue policy access when challenged by others; broadened coverage for preliminary investigations, extradition proceedings and detention; and automatic renewal.

“ACE’s CODA Premier policy has been the market standard for almost 30 years. That is a meaningful differentiator for clients who not only demand innovation but who also care about consistency and sustainability,” said Jeffrey Jabon, Senior Vice President, ACE Bermuda Professional Lines. “With this revolutionary coverage, our global network, and our offering of up to $100 million in combined capacity through our businesses in Bermuda, the U.S. and Canada, directors and officers can focus on effectively and efficiently managing their businesses with the security of knowing that they are ACE insured.”

“We proactively look for ways to improve and create value for our clients, and we developed the new CODA policy with the aim of providing the most robust D&O coverage in the market,” said Robert Wolfe, Senior Vice President, ACE USA Professional Risk. “Providing directors and officers with the coverage they need is a priority of ACE. The policy contains several market-leading enhancements in response to an evolving business and regulatory environment.”

New features* of the CODA Premier ® policy include:
  • Two free reinstatements of the limits
  • Additional free six year insolvency reporting period
  • Additional, free automatic reporting period of unlimited duration for former directors and officers
  • Separate funds established, including CODA Access Fund limit, Public Relations Fund sublimit and Enforcement Fund sublimit
  • Broadened definition of claim and insureds
  • Coverage for expenses incurred by executive officers in connection with SOX Section 304(a) or Dodd-Frank Sections 210 and 954
  • Expanded recognition of underlying limit erosion
  • Automatic policy renewal capabilities
  • U.K. Corporate Manslaughter and Corporate Homicide defense costs coverage
  • Defense cost advancement within 60 days

The policy is structured to offer broad, comprehensive coverage that cannot be canceled or rescinded for any reason except for non-payment of premium.

*Product features are summaries only; please see the actual policy for terms and conditions. Product offerings may vary by ACE location. To see full product highlights follow the links below:

ACE Bermuda, the Bermuda-based subsidiary of ACE Limited, is rated A+ by A.M. Best Company and AA- by Standard & Poor’s. ACE Bermuda offers high-level excess liability, property and professional lines insurance products through Bermuda and non-US based intermediaries. Additional information can be found at www.acebermuda.com.

ACE Canada, through its underwriting companies, provides insurance products and services throughout Canada and is rated A+ by A.M. Best Company and A+ by Standard & Poor’s. Additional information can be found at www.acegroup.com/ca.

ACE USA is the U.S.-based retail operating division of the ACE Group, headed by ACE Limited, and is rated A+ by A.M. Best Company and AA- by Standard & Poor’s. ACE USA, through its underwriting companies, provides insurance products and services throughout the U.S. Additional information can be found at www.acegroup.com/us.

The ACE Group is one of the world’s largest multiline property and casualty insurers. With operations in 53 countries, ACE provides commercial and personal property and casualty insurance, personal accident 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. Additional information can be found at www.acegroup.com.

Copyright Business Wire 2010

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