CODA Premier^® Directors and Officers Liability Excess DIC Policy

ACE’s CODA Premier Policy offers directors and officers the insurance coverage they need to protect their personal assets. Available to all companies (public, private, not-for-profit and financial institutions), the policy is structured to offer broad, comprehensive coverage that cannot be canceled or rescinded for any reason (except for non-payment of premium).

Coverage:

• Broad difference-in-conditions drop-down coverage. CODA policy drops down on its own broad terms if the underlying insurer:
  • Wrongfully fails to indemnify
  • Fails to indemnify within 60 days after an insured's request
  • Is financially unable to pay
  • Threatens to rescind coverage, or
  • Is subject to a bankruptcy stay
• Broad definition of "Insureds" includes: directors and officers, management committee members, limited liability company managers, in-house general counsel, comptrollers, risk managers, functional equivalents of these positions in a foreign company, non-officer employees in a securities claim, and in any other type of claim while codefendant with D&Os
• Broad definition of "Loss" includes: extradition proceeding costs; exemplary, punitive and multiple damages where insurable, and most favorable jurisdiction governs insurability; and certain Foreign Corrupt Practices Act civil penalties. Precludes the assertion of uninsurability of violations of Section 11 or 12 of the Securities Act of 1933
• Broad definition of "Claim," includes any investigation, extradition proceedings, and proceedings in which the insureds are deposed or must be interviewed by a regulatory or governmental authority
• Broad outside directorship liability coverage: includes both for-profit (for senior executives) and not-for-profit companies
• Broad definition of Non-Indemnifiable Loss includes failure by the Company to indemnify within 60 days after and Insured's request