Zurich North America Commercial introduces Zurich Side A Executive Asset Protection™
NEW YORK, N.Y., February 13, 2008 – Zurich, one of the world’s largest property-casualty insurance companies, announced yesterday the introduction of a new executive liability policy called Zurich Side A Executive Asset Protection.™ Media contact:
The policy provides coverage for directors and officers (D&O) and others with fiduciary responsibilities whose personal assets may be at risk due to litigation against an organization. The announcement occurred during the Zurich International D&O Conference for CEOs, CFOs and other senior-ranking business executives.
“Even after a D&O claim against an organization is settled, directors and others with fiduciary responsibilities may find their personal assets are at risk,” said Salvatore Pollaro, senior vice president with Zurich’s management solutions group. “Now, with Zurich Side A Executive Asset Protection, they have the dedicated protection they need. We have specifically designed the plan to eliminate or reduce many of the vulnerabilities these individuals may have.”
Highlights of the policy include:
--No exclusion for insured versus insured actions
--Local policy placement available with global difference in conditions solutions
--Bodily injury/property damage exclusion carve back for exposures such as pollution, shareholder derivatives and securities class action, climate change and independent directors
--Non-indemnifiable loss includes Foreign Corrupt Practices Act and punitive damages (where applicable)
--Definition of claim includes extradition and deposition wording
--Definition of insured persons includes general counsel, risk manager and investor relations director
--Automatic acquisition threshold of 35 percent
--90-day extended reporting period
Zurich Side A Executive Asset Protection is the most recent addition to the suite of coverages offered by Zurich to address the range of management liability exposures.
About Zurich Financial Services
Zurich Financial Services Group (Zurich) is an insurance-based financial services provider with a global network of subsidiaries and offices in North America and Europe as well as in Asia Pacific, Latin America and other markets. Founded in 1872, the Group is headquartered in Zurich, Switzerland. It employs approximately 58,000 people serving customers in more than 170 countries. In North America, Zurich (www.zurichna.com) is a leading commercial property-casualty insurance provider serving the global corporate, large corporate, middle market, small business, specialties and programs sectors.
Steve McKay, Zurich