ConSept: Policy Highlights: Other Coverage Features

Transcription

1 An ever changing and increasingly regulated business environment presents a plethora of risks and threats for Companies, who face potential litigation, financial loss, discrimination claims or on-line attacks in the normal course of doing business. XLCatlin has always offered innovative solutions and now present, a flexible and sophisticated modular wording designed to meet companies insurance needs, irrespective of whether they are publicly listed or privately held. is a modular form, offering 7 separate covers, each one with its own separate limit and extensions: 1. Directors and Officers Liability Defends and protects your company s management from litigation and investigations. 2. Corporate Legal Liability Protects your company against claims and prosecutions for a wide range of wrongful acts. 3. Employment Practices Liability Protects your company, management and employees against claims and prosecutions for wrongful treatment of employees. 4. Pension Trustee Liability Protects pension scheme and benefit plan trustees and administrators, sponsoring employers, corporate trustees and the scheme itself. 5. Crime Liability Protects the Company s profits against acts of fraud from employees or unknown third parties. 6. Cyber Liability Protects the company against claims from data privacy and network breaches including first party costs. 7. Kidnap & Ransom Meets expenses and pays the ransom, incurred in connection with kidnappings and extortions. * D&O is mandatory Policy Highlights: Any One Claim cover for D&O, CLL, PTL, Crime and K&R Policy available to both public listed and privately held entities Separate limits per Module Other Coverage Features Severability: conduct of one insured person cannot be imputed to another insured person and only knowledge of certain key individuals will be imputed to the company Broad automatic cover for new subsidiaries and plans Change in control: coverage applies until the expiration of the policy period or cancellation of the policy for prior acts. Pre agreed run-off available on terms to be agreed. Geographic Focus The policy will respond on a worldwide basis, however our appetite is limited to UK, and European domiciled accounts only with no US SEC exposure. Rest-of-world clients will be considered on a case-by-case basis. Claims handling Our claims team have a market leading reputation in claims handling that prides itself on its service. Our dedicated and experienced claims management team has unrivalled expertise and knowledge. The team work alongside our clients to resolve even the most complex of claims. Our award winning claim system, XL GlobalClaim, enables us to manage claims efficiently and accurately, no matter where it occurs in the world. With XL GlobalClaim, we manage the full range of claims transactions from first notification to final payment all in one system.

2 is the global brand used by XL Group plc s (re)insurance subsidiaries., and are trademarks of XL Group plc s companies. Coverages may not be available

3 +53.38% % % % % % % % % % % % Directors & Officers Liability Expensive legal costs... personal liability of directors... securities claims... increasing regulatory oversight and investigations... complexity and risks of the global economy. Directors and officers liability insurance remains a crucial element of a company s suite of insurance products, allowing its management to operate in today s increasingly complex business world. Cover written on a claims-made any one claim basis Insured Person Cover: where the company has not indemnified Company Reimbursement Cover: where corporate indemnification is provided Company Securities Claim Cover Automatic Extensions of cover Difference in Conditions in relation to the expiring policy Mitigation costs Broad investigations cover whether it constitutes a claim or not Excess Protection for Parent Company Board (in addition to the policy limit) Excess Protection for Non-Executive Directors (in addition to the policy limit) Outside Directorship cover Unlimited Run-off protection for Retired Insured Persons Health and Safety: defence costs cover Environmental Liability defense costs for non indemniabfiable loses Extradition Proceedings cover Crisis Consultant Costs Regulatory Crisis Costs Emergency Costs cover Fines & Penalties cover where insurable Personal Liability of Insured Persons for Corporate Taxes in case of liquidation or receivership Prosecution Costs: legal costs protection against restrictions of assets or liberty For bodily injury or property damage with carve back for mental anguish or emotional distress Pending/prior litigation exclusion Conduct exclusion: triggered at judgment or final adjudication Insured versus insured exclusion only applies to company or outside entity claims, and only to USA claims can offer up to GBP 15m / EUR 25m / USD 25 million Target clients All industry sectors, and privately held and publicly traded companies is the global brand used by XL Group plc s (re)insurance subsidiaries., and are trademarks of XL Group plc s companies. Coverages may not be available

4 % - - Corporate Legal Liability Corporate litigation is time consuming, complex and often involves both the company and individuals. This module addresses allocation reducing potential conflict and associated delays. Defends and indemnifies private and public companies against claims for a wide range of wrongful acts Extensions of Cover Defence costs cover for: prosecutions under the Corporate Manslaughter and Homicide Act 2007 health and safety prosecutions pollution or contamination claims Identity Fraud Cover for defamation claims Crisis Costs incurred to contain or limit potential claims Narrow bodily injury/property damage exclusion Conduct exclusion: triggered at judgment of final adjudication employment practices wrongful act exclusion Professional services exclusion We can offer up to 50% of the D&O limit of liability Target clients All Industry sectors will be considered, including both privately held and publicly listed. is the global brand used by XL Group plc s (re)insurance subsidiaries., and are trademarks of XL Group plc s companies. Coverages may not be available

5 55.07% 8.50% Pension Trust Liability % % % % % % % % % % % % % % % % % % % Pension plan trustees are required to comply with increasingly complex legislation regulating the administration of pension and benefit plans ensuring that all benefits are correctly calculated. This together with an uncertain economic environment makes the role of the trustee more onerous. We have designed s Pension Trustee Liability insurance cover to give our clients comprehensive protection with respect to fiduciary obligations in connection with company plans and schemes. Coverage written on a claims-made any-one-claim basis Insured person cover Company, plan and corporate trustee company liability and reimbursement cover Exonerated loss cover Broad definition of insured including the company, corporate trustees, constructive trustees, directors and officers, and administrators, managers, trustees, employees and internal dispute managers of the company, the pension scheme or plan. Automatic Extensions of cover Loss of documents cover which the insured is legally responsible Investigation Cover Crisis containment expenses to prevent or limit the adverse effects or negative publicity which may arise from a claim or investigation. Extradition Proceedings Prosecution costs Third Party Pursuit costs Emergency defence costs: to allow the insured to respond when he is unable to reach the insurer. Indemnity for Beneficiaries Contribution notice costs for insured persons Cover for civil fines and penalties imposed by the Pensions Regulator, the Pensions Ombudsman or other regulatory authority - which are insurable Conduct dishonest, fraudulent acts or personal profiting, determined by a final adjudication; Bodily injury, death or emotional distress and damage to or loss of property, except for the loss of documents extension and any contribution or benefit due to any beneficiary of a scheme or plan; Failure to fund a scheme or plan or failure to collect contributions, carveback provided for defense expenses; Acts relating to other funds or schemes; Pending and prior litigation; Prior notifications continuity provided for insureds Claims based upon or arising from pollution, carveback provided for nonindemnifiable loss and for defense expenses; Contractual breaches; wrongful dismissal We can offer up to GBP 15 million / EUR 25 million / USD 25 million is the global brand used by XL Group plc s (re)insurance subsidiaries., and are trademarks of XL Group plc s companies. Coverages may not be available

6 Employment Practices Liability New legislation and case law arising from European Directives... increased national legislation to protect the employee... excessive legal costs... high-profile settlements and awards. As legal obligations become more stringent and employee claims more complex, employment practices liability insurance is key to keeping your. Coverage Broad definition of insured, providing protection for the company, for individual directors, officers and employees. Third party liability cover offered as an optional extension. Automatic extensions of cover Joint ventures: coverage based on the Insured s percentage of interest in the relevant joint venture Non-profit outside directorship cover Emergency costs cover Waiver of the retention for natural persons in the event of financial impairment of the Insured company Sensitivity training cover for outside cost of training which the company needs to undertake For bodily injury or property damage with carve back for mental anguish or emotional distress Failure to fund pension plan Prior notifications For loss arising from written contract Wage & Hour loses We can offer up to GBP 15 million / EUR 25 million / USD 25 million Target clients All industry sectors, and privately held and publicly traded companies Other coverage features and conditions Pre-agreed panel counsel Broad definition of defence cost including costs in admin istrative and alternative dispute resolution Broad definition of employment practices wrongful act, including retaliation Broad definition of loss, including back pay, front pay, as well as punitive, exemplary and multiplied portion of any damage award is the global brand used by XL Group plc s (re)insurance subsidiaries., and are trademarks of XL Group plc s companies. Coverages may not be available

7 Crime The Fraud landscape is changing. Whilst the danger from inside the company remains as prev alent as ever, driven by the on-going socio economic environment, the emerging threat now comes from unseen and unidentifiable persons outside the reach of the company s oversight utilising technology advances and social media to perpetrate fraud. s Crime module is a modern coverage designed with today s exposures at the forefront of cover. Other policy features & conditions Coverage on a Loss Discovered basis Limits considered on Any One Loss basis by default. We can offer up to GBP 15m / EUR 25m / USD 25m Comprehensive cover to protect assets against employee and third party fraud Modern exposures Identity Theft, Data Breach and Reputational Expenses all considered. Automatic Extensions of Cover Social Engineering Fraud\Fake President Investigation Costs Legal Fees Extortion Demands Employee Benefit Plans Reputational Expenses Interest, Receivable / Payable Corporate Identity Fraud Criminal Damage expenses Contractual Penalties Computer Violation Expenses Data Breach Expenses Consequential or indirect Loss Any Loss involving trade secrets, intellectual property, patents or copyright infringement Loss caused by Fire is the global brand used by XL Group plc s (re)insurance subsidiaries., and are trademarks of XL Group plc s companies. Coverages may not be available

8 Cyber Liability In today s world, an organisation s reliance on technology and the storage and processing of data is critical. The more data intensive a busness is the greater the risk of a cyber-attack. Managing security in this rapidly changing environment is one of the main challenges facing companies of all sizes today. A failure in technology or a data breach can have significant consequences not only to the balance sheet but also to the reputation of a company. Quote information Information required includes: General Risk Management Philosophy Information Technology/Security Risk Management Types/amounts of data held (number of records held, types of data held especially related to personally identifiable data) Overview of your Data Breach response strategy Business Continuity Plans/Disaster Recovery Plans Third party liability: Security and privacy liability Media internet communications liability First party losses: Privacy notification & crisis management costs Loss/destruction of electronic assets Extortion demand Privacy notification and crisis management costs Emergency response costs Privacy Investigations Loss of electronic data Up to GBP 5m Target clients We have a broad industry appetite which includes: Manufacturing Retail Hospitality Financial Institutions is the global brand used by XL Group plc s (re)insurance subsidiaries., and are trademarks of XL Group plc s companies. Coverages may not be available

9 +53.38% % % % % % % % % % % % % Kidnap & Ransom In today s global business economy, the threat of kidnap, hijack, wrongful detention and extortion is significant. These hazards are no longer confined to the rich. Managers and ordinary employees of foreign and domestic companies are being increasingly targeted. Incidents of this nature are difficult to predict, and when they occur, they require a swift, organised and specialised response. At, we help companies navigate through these dynamic, complex and ever-changing threats. We offer specialised knowledge to help clients manage their risk landscape and offer a wide range of insurance coverages. Our coverages include: Kidnap Extortion Products Extortion Hijack Wrongful Detention Threat Disappearance Express Kidnap Assault can offer up to GBP 15m / EUR 25m / USD 25 million Target industries All industry sectors, and privately held and publicly traded companies Why use? Our strength and capacity allows us to be flexible, tailoring cover to fit client needs. We offer world-leading kidnap response expertise though our security consultants Terra Firma Risk Management Consistently rated number one claims service in the annual Gracechurch Claims Performance Survey Committed to provide a fast and efficient service We have access to market leading security analysis which underpins underwriting strategy Crisis response services Terra Firma is one of the most experienced and stable response companies working in today s special risks market. Their advisors have over 200 combined years of experience and have handled over 600 cases of kidnap, extortion, wrongful detention, contamination and piracy. With a presence on 5 continents around the world, Terra Firma are ideally placed to offer global support to our clients. is the global brand used by XL Group plc s (re)insurance subsidiaries., and are trademarks of XL Group plc s companies. Coverages may not be available