NEW YORK--()--Arch Insurance Group, a member of Arch Capital Group Ltd., recently announced a new state-of-the-art product in the U.S. –Arch Essential D&Osm.
“Our objective with this product is twofold: expand the level of protection for Individual Executives from today’s legal and regulatory perils, and bolster the Entity Coverage for better balance sheet protection”
In today's legal and regulatory environment, every public company must act to adequately protect its directors and officers. Arch Insurance Group offers a primary policy specifically designed to protect directors and officers from the increasing risk exposures associated with today's business challenges such as the recently enacted Dodd-Frank Reform Act. This policy form, Arch Essential D&O, includes many new and innovative coverage enhancements as detailed below.
“Our objective with this product is twofold: expand the level of protection for Individual Executives from today’s legal and regulatory perils, and bolster the Entity Coverage for better balance sheet protection,” said John A. Rafferty, Executive Vice President, Executive Assurance Division at Arch.
The Arch Essential D&O policy key features include those listed below.
Necessary Legal and Regulatory Protections for Today’s Executives:
Inquiry Coverage for Insured Persons in responding to a
subpoena, a request to produce a document or to appear for an
- Insured Person does not have to be a target to be covered
- Broad Investigation Coverage includes clarification that no Wrongful Act required to trigger coverage for Inquiries or Insured Person Investigations.
Limited Entity vs. Insured Exclusion (in lieu of Insured vs.
Insured exclusion) that does not apply to:
- Defense Costs that are Non-Indemnifiable
- Claims brought by trustees, examiners, or assignees thereof in the event of financial insolvency
- Claims brought in foreign jurisdictions
- Defense Cost Advancement within the Retention if Loss is indemnifiable and the Insured Organization fails or refuses to indemnify within 60 days.
- Coverage for civil FCPA penalties against Insured Persons for any non-willful violation
- Coverage for fees and expenses incurred in facilitating a claw back payment under SOX 304/Dodd-Frank 954
Broad Organization Liability Protections:
- Securities Investigation Co-Target Coverage protects the Insured Organization when a securities investigation is also maintained against an Insured Person.
- Broad definition of Subsidiary includes all entities while under Management Control, including partnerships.
Arch Insurance Group Inc. is a member of Arch Capital Group Ltd., a Bermuda-based company that provides insurance and reinsurance on a worldwide basis through its wholly owned subsidiaries. For more information, visit www.archinsurance.com.
Insurance coverage is underwritten by one or more member companies of Arch Insurance Group in North America, which consists of Arch Insurance Company (a MO corporation, NAIC # 11150), Arch Specialty Insurance Company (a NE corporation, NAIC #21199), Arch Excess & Surplus Insurance Company (a NE corporation, NAIC # 10946) and Arch Indemnity Insurance Company (a NE Corporation, NAIC #30830). Executive offices are located at One Liberty Plaza in New York City 10006. Not all insurance coverages or products are available in all jurisdictions. Coverage is subject to actual policy language. This information is intended for use by licensed insurance producers.