Allied World North America Revises Executive ForceField® Side A Lead DIC Product for Canadian Market
ZUG, Switzerland–(BUSINESS WIRE)–
Allied World Assurance Company Holdings, GmbH announced today new
enhancements to its Executive ForceField® Side A, Lead Difference
in Conditions (DIC) product. The revised policy, available to companies
throughout Canada, offers significant enhancements.
“This most recent update to the Executive ForceField® product
reflects Allied World’s commitment to providing comprehensive and
dedicated Side A protection for the personal assets of directors and
officers in Canada,” said Christian Gravier, President, North American
Professional Lines. “While this product closely mirrors our recently
revised US product form, it also includes Canadian-specific
enhancements, such as an enhanced definition of loss that now includes
remediation costs to test for, monitor or clean up pollutants and
Pre-Claim Inquiry coverage that includes Liberty Protection Costs.”
“Executive ForceField® has been updated to address new business
and regulatory risks with the goal of providing the most flexible and
all-encompassing policy that exists in the Canadian market,” said
Michael Piccione, Senior Vice President, Public D&O Division. “We
believe that clients will find value in the enhancements and features we
have incorporated to address risks and exposures to which company
officials are subject in this day and age.”
New policy features (subject to actual policy for terms and conditions):
- Single claim limit allows for ability to apply multiple ‘related
claims’ across two reinstatements; - Coverage for Mitigation, Policyholder Access, Reputation & Asset
Protection Costs; - A ten-year extended reporting period for financial impairment;
- An additional unlimited extended reporting period for former directors
and officers; - Expanded Difference in Conditions features;
- Automatic coverage for any new subsidiaries added during the policy
period; - Enhanced definition of Loss that applies to taxes, insurability and
remediation; - Defense and pre-claim inquiry costs advanced within 30-days;
- Pre-Claim Inquiry coverage includes Liberty Protection Costs;
- Cooperation provisions addressing potential conflicts, consent,
severability and criminal sanctions; and - If coverage was broader under a prior version of the Allied World DIC
policy, then the broader terms and conditions of the prior version
will apply.
For more information, go to our webpage
or contact Michael Piccione at michael.piccione@awac.com.
About Allied World
Allied World Assurance Company Holdings, GmbH, through its subsidiaries,
is a global provider of insurance and reinsurance solutions. We operate
under the brand Allied World and have supported clients, cedents and
trading partners with thoughtful service and meaningful coverages since
2001. We are a subsidiary of Fairfax Financial Holdings Limited, and we
benefit from a worldwide network of affiliated entities that allow us to
think and respond in non-traditional ways. Our capital base is strong,
our solutions anticipate rather than react to changing trends, and our
teams are focused on establishing long-term relationships that are
mutually beneficial. Learn more about how we can help you manage your
risk by visiting: Web: www.awac.com
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Cautionary Statement Regarding Forward-Looking Statements
Any forward-looking statements made in this press release reflect our
current views with respect to future events and financial performance
and are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Such statements involve risks
and uncertainties, which may cause actual results to differ materially
from those set forth in these statements. For example, our
forward-looking statements could be affected by the extent to which we
are able to recognize the benefits of the completed acquisition by
Fairfax Financial Holdings Limited; pricing and policy term trends;
increased competition; the adequacy of our loss reserves; negative
rating agency actions; greater frequency or severity of unpredictable
catastrophic events; the impact of acts of terrorism and acts of war;
the company or its subsidiaries becoming subject to significant income
taxes in the United States or elsewhere; changes in regulations or tax
laws; changes in the availability, cost or quality of reinsurance or
retrocessional coverage; adverse general economic conditions; and
judicial, legislative, political and other governmental developments, as
well as management’s response to these factors, and other factors
identified in our filings with the U.S. Securities and Exchange
Commission. You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date on which
they are made. We are under no obligation (and expressly disclaim any
such obligation) to update or revise any forward-looking statement that
may be made from time to time, whether as a result of new information,
future developments or otherwise.