XL Group Expands Executive Liability Protection in US with New Primary Coverage Form
HARTFORD, Connecticut - December 15, 2014
In order to thoroughly protect companies and their directors and officers in an increasingly complex litigation and regulatory environment in the US and around the world, XL Group’s Professional Liability business has released the Executive and Corporate Securities Liability policy form. Extensions of coverage now include both formal and informal investigations by a law enforcement or regulatory authority, and the addition of broadened defense and settlement expense coverage, among other enhancements. Richard Wall, Vice President of Underwriting, XL Group’s Professional business, said, “In today’s global economy, companies and their directors and officers are subjected to emerging risks, and unprecedented regulatory and shareholder scrutiny. Based upon our extensive claims handling experience, and valuable input from our clients and brokers, we’ve worked hard to thoughtfully design innovative coverage while maintaining our familiar straightforward and simple style.” XL Group’s enhanced Executive and Corporate Securities Liability Insurance Coverage includes: • Expanded coverage for formal and informal investigations by a law enforcement or regulatory authority for insured persons; • An extension of coverage to the company in a formal investigation when an insured individual is concurrently under investigation; • A broader definition of loss which now includes plaintiff’s attorney fees associated with a settlement; Side-A coverage for fines, penalties, and taxes levied against an insured person in the event of a company insolvency; civil penalties for FCPA and SOX 308 violations; and damages, judgments, settlements and pre-and post-judgment interest. • Additional defense expenses covered including expert fees and costs incurred with a claim pursuant to SOX 304 and Dodd-Frank 954; arrest, detainment, or incarceration of an insured individual in relation to company business. For more information, read XL Group’s new Executive and Securities Litigation policy product sheet or access the policy form. Through XL Group’s insurance companies, XL Group’s Professional business provides professional liability insurance for directors and officers, financial institutions, architects, engineers and other businesses and service professionals, in addition to other lines of insurance coverage including cyber and technology, commercial crime and fraud, and employment practices liability insurance. About XL Group plc’s Insurance Operations XL Group plc’s insurance companies offer property, casualty, professional and specialty insurance products globally. Businesses that are moving the world forward choose XL as their partner. To learn more, visit xlgroup.com/insuranceAbout XL Group plc XL Group plc (NYSE: XL), through its subsidiaries, is a global insurance and reinsurance company providing property, casualty and specialty products to industrial, commercial and professional firms, insurance companies and other enterprises throughout the world. XL is the company clients look to for answers to their most complex risks and to help move their world forward. To learn more, visit xlgroup.comXL Group is the global brand used by XL Group plc’s insurance and reinsurance subsidiaries.
Christine WeirskyCommunication Director, North America