Berkshire Hathaway Specialty Insurance (BHSI) has enhanced its ‘Executive First’ directors and officers (D&O) liability insurance product by adding a provision that reinstates policy limits exhausted by the entity or by individual insureds.
The policy, which is targeted at large commercial organizations and their directors and officers, now includes an automatic reinstatement provision that applies across the board to all of the policy’s insuring clauses, according to a statement by BHSI. This replenishes limits which have been exhausted by the payment of side A (D&O indemnification), side B (company reimbursement), or side C (entity securities claims) losses for future claims.
Other features added to the policy are coverage for expenses to protect the insured’s reputation and for travel and accommodation required to comply with investigations.
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“In Asia, there is a heightened focus on ensuring that directors and officers are held personally accountable for their actions,” said Emily Poh, head of executive & professional lines at BHSI in Singapore. “This is prompting companies and board members to examine their D&O coverage and carriers more closely. Our insureds can be confident that, along with expansive coverage, they have a D&O insurer that has the long term commitment and unmatched financial strength to protect not just the corporation, but their personal assets as well.”
“Corporate regulatory investigations have become more targeted and aggressive,” added Patrick Ko, head of executive & professional lines at BHSI in Hong Kong. “As enforcement agencies sharpen their focus, we can expect to continue to see deeper and more costly investigations, often involving multiple individuals. Our automatic reinstatement of limits provision gives insureds confidence that coverage will be there when they need it.”