Underwriter launches intuitive D&O quotation platform

Pen Underwriting Canada developed the platform to help brokers conveniently quote, bind, and issue policies on the go

Professional Risks

By Lyle Adriano

Pen Underwriting Canada announced Thursday that it has launched a purpose-built e-trading platform that is “simple, straightforward and responsive,” that is able to quote, bind, and issue D&O policies within five minutes.

According to a release by the company, the platform will support and offer a “broad range of coverage to diverse exposures with generous limits.” It can be accessed either through a computer or on-the-go on a mobile device.

“As a team of experienced underwriters focused on making ourselves easy to do business with, we’re excited to offer our broker partners a fully e-traded D&O solution that they can access on the go,” said Pen Canada underwriting director Glenn Woodard. “Its ability to create quotes quickly without onerous levels of information will enable brokers to quickly and simply demonstrate the breadth of protection clients could secure at a competitive rate – which will be particularly powerful to current non-buyers of D&O.”

The platform is backed by A+-rated capacity and is combined with a policy wording to address the needs of directors and officers. The features and benefits of the wording include:
 
  • Additional limits for directors - in excess of the limit of liability
  • Pre-agreed discovery to 72 months
  • Full investigation and pre-investigation costs
  • Emergency costs available when insurers prior consent is not given on a timely basis
  • Broad protection for outside directorship liabilities (ODL) – blanket coverage available for for-profit companies (with exception of US publicly traded companies)
  • No Side B deductible for private companies
  • Mitigation expenses coverage – enabling action to be immediately taken to mitigate a potential claim, $500,000 sub-limit
  • Confidentiality breach event coverage - $100,000 sub-limit
  • Identity fraud coverage - $100,000

“We believe the combination of a slick, mobile platform and broad coverage which seeks to address the real risks faced by today’s company directors and officers is a powerful one,” Woodard remarked.


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