Lloyd's Unit Offers D&O Policy for Emerging Global Risks
The Lloyd's-based insurance group Navigators Syndicate is writing the new directors and officers product to cover civil fines and penalties assessed under sections of Sarbanes Oxley, Dodd-Frank, and the Foreign Corrupt Practices Act.
A new liability policy offered by the Lloyd's-based Navigators Syndicate provides dedicated excess coverage for individual directors and officers for specific non-indemnifiable claims, including when the company they work for is insolvent, Lloyd's announced Aug. 3.
The product provides D&O coverage for civil fines and penalties where insurable by law and assessed under Section 308 of the Sarbanes Oxley Act of 2002, the Foreign Corrupt Practices Act, the U.K. Bribery Act 2002. or Section 954 of the Dodd-Frank Act. It contains a broad definition of wrongful acts, including alleged violations of the Employment Retirement Income Securities Act (ERISA).
"While other insurers are required to issue multiple local country policies," said Carl Bach, head of Navigators Pro's international unit, "our streamlined approach utilizes an innovative 'one policy form' structure that provides worldwide coverage, including a drop down coverage payment provision if the underlying insurer is unable to pay due to failure to hold a valid local insurance license."
The Navigators Group is an international specialty insurance holding company headquartered in New York with offices in the United States and Europe and operations at Lloyd's in the United Kingdom.