Berkshire Hathaway Specialty Insurance today introduced the Canadian editions of the Executive First Directors & Officers Liability Insurance Policy and the Executive First Side A DIC Directors & Officers Liability Policy, designed to provide clear and customizable coverage for the complex risks of large commercial and financial organizations in Canada.
“We are pleased to bring to market concisely-worded, current solutions for the challenging D&O risks of Canadian companies. Coverage can be tailored to individual needs, and comes with the stability of BHSI’s unsurpassed financial strength, rated A++ by AM Best and AA+ by Standard & Poor’s,” said Michael Densham, vice president, Executive and Professional Lines, BHSI.
BHSI’s Executive First D&O Liability policy provides expansive protection to address key areas of exposure for Canadian companies, including securities class actions, shareholder derivative actions and government investigations. Broad coverage is provided for individual board members and executives in claims for which the company is unwilling or unable to indemnify them. Up to $100 million in capacity is available.
This new D&O Liability policy is complemented by the Side A DIC D&O Liability Policy, which provides an essential “safety net” for individual directors and officers in D&O claims where (1) their company cannot indemnify them, and (2) the underlying D&O insurance does not respond either because limits are exhausted or the claim arises from a “Difference in Conditions” (DIC) event (including where BHSI’s Side A DIC policy is broader than the underlying D&O insurance).
“With the launch of these policies within the Executive First product suite, we are now in a position to lead D&O and Side A DIC placements across Canada,” said Densham.
“Both forms were developed by our experienced D&O team in response to the needs of our Canadian brokers and customers,” said Carrie O’Neil, vice president, Executive & Professional Lines, BHSI. “And both are delivered with the expertise and commitment of our veteran D&O underwriting and claims team, focused on providing best-in-class service in Canada.”
Along with primary D&O Liability and lead Side A DIC D&O Liability coverage, BHSI can provide follow form excess D&O Liability insurance.
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