ACE new D&O policy for Hong Kong companies

ACE Group said its ACE elite V Directors & Officers (D&O) policy is a new and enhanced product tailored to protect the management liabilities of directors and officers of large and/or listed companies in Hong Kong.

The risks and the risk profile directors and officers face are changing and, in many cases, arguably increasing. In response to the evolving D&O risk environment as well as feedback from brokers and clients, the ACE elite V D&O policy was developed to offer distinctive and market-leading coverage, the key highlights of which include:

• Preservation of Side A limit extension, providing an additional limit of liability to our insured directors and officers when a new claim is filed against them and where their companies cannot provide indemnification.
• Cyber privacy and confidentiality extension, providing an additional limit of liability for claims against our insureds for data privacy breach or unauthorised disclosure of data or confidential information.
• Mitigation of Loss Extension, providing indemnity for settlements and related costs incurred as a result of action taken by insureds solely to prevent or mitigate a potential claim filed against them.
• Environmental Violation Extension, providing cover for claims against our insureds arising from pollution.

Stanley Wong, regional head of Financial Lines, Asia Pacific, said, “Our new elite V D&O policy forms part of our continuous effort to better respond to clients’ needs by building on our product portfolio as well as providing cutting-edge enhancements in our coverage for evolving risks in the region.”

Doug White, country president of ACE in Hong Kong, Taiwan and Macau, added, “With ACE elite V D&O policy, we can help our clients boost their risk management efforts with coverage extending beyond the scope of traditional D&O policies, backed up by our experienced and efficient claims support should the need arise.”