ACE Bermuda International (ABI) has launched a Corporate Officers & Directors Assurance (CODA) executive liability insurance policy in the Netherlands.
ABI said, CODA provides premier insurance cover for executive risks when a company fails or is otherwise unable to protect that individual.
ABI launched CODA in the UK in November 2006 and the demand for CODA and similar products continues to grow dramatically amongst the boards and senior executives of FTSE 350 companies.
Consequently, ACE Bermuda International is now offering CODA coverage to directors and officers of Dutch companies with a particular focus on the AMX and AEX index companies.
Key features of the CODA policy include: primary or excess coverage that provides extremely broad personal asset protection compared to traditional D&O policies; dedicated limits of liability of up to €25m for directors and officers that cannot be eroded by claims against the company.
It also include difference-in-conditions ‘drop down’ coverage in the event that either an underlying insurer is unable or is unwilling to pay a covered claim or where an underlying insurer’s policy is more restrictive than the CODA cover.
ACE Bermuda International managing director Anup Seth said there is a significant need for CODA in the Netherlands as the firm believe that directors and officers of Dutch companies are challenged with increasing regulatory and litigation risks.