Click here for a PDF version of the ABI CODA information sheet.

As a direct response to new provisions in the Companies Act 2004 coming into effect in April 2005, ACE Bermuda International introduced a Directors and Officers Liability policy for the UK marketplace.

Main features of this new product include:

• A dedicated limit for the protection of directors and officers that cannot be accessed by the company;
• Coverage can be provided on a primary basis or, alternatively, on an excess basis but dropping down to be primary where ACE Bermuda International offers broader coverage;
• No environmental exclusion;
• Cover designed to drop down and provide primary insurance where the underlying programme:

1.         Wrongfully refuse to pay;

2.         Become insolvent; or

3.         Rescind coverage

• Policy cannot be avoided for any reason.
• Cover for outside board positions.
• UK arbitration clause (with a specific requirement that the policy be construed in an even handed fashion between the parties).
• The policy protects where the company refuses to advance defence costs/indemnify - however reasonably or unreasonably.
• Claims by the company covered under a broad range of circumstances - including where the company is acquired, becomes insolvent or undergoes a change in the composition of the board.
• Primary (drop down) coverage can be considered for a broad range of exposures that may be the subject of exclusionary language under more traditional programmes.
• Limits of up to £25,000,000 available - either on a primary or excess basis.

CODA Team

Stephen French

Chief Underwriting Officer           

ACE Bermuda International

ACE Building                

100 Leadenhall Street

London EC3A 3BP

United Kingdom

Telephone:        +44 (0) 20 7173 7926 

Fax:                  +44 (0) 20 7173 7836  

Email:   stephen.french@ace–ina.com    

Charles Davidson

Professional Lines Manager

ACE Bermuda International

ACE Building

100 Leadenhall Street

London EC3A 3BP

United Kingdom

Telephone:        +44 (0) 20 7173 7623    

Fax:                  +44 (0) 20 7173 7836    

Email:   charles.davidson@ace-ina.com  

Jonathan Boyd-Wallis

Underwriter

ACE Bermuda International

ACE Building

100 Leadenhall Street

London EC3A 3BP        

United Kingdom

Telephone:        +44 (0) 20 7173 7150 

Fax:                  +44 (0) 20 7173 7836  

Email:   jonathan.boyd-wallis@ace-ina.com