ACE Bermuda Int. Will Issue CODA Policies at Inception

ACE Bermuda International announced that effective July 1, 2008 all CODA policies will be issued at inception. The company also announced the launch of its new 2008 CODA policy aimed at the UK business market, featuring enhanced personal asset protection for directors and officers.

CE Bermuda International, through its CODA brand, is a provider of quality directors and officers insurance protecting the personal assets of individual directors and officers. ACE Bermuda International has financial strength ratings of A+ from both A.M. Best and Standard & Poor’s, and offers clients up to £25 million of CODA capacity. All CODA products are backed by decades of specialized experience in handling complex and high-profile Side-A claims.

Charles Davidson, professional lines manager, ACE Bermuda International, commented, “The new 2008 CODA policy responds to the increasing exposures faced by directors and executive officers of UK corporations under the UK Companies Act 2006 by ensuring that their personal assets are adequately protected.” Mr. Davidson continued “Our commitment to issuing policies at inception is a significant differentiator in the D&O market and tangibly demonstrates our commitment to contract certainty.”

Enhancements* to the 2008 CODA policy include:

• Protection against payment delays – the policy can “drop down” and provide primary coverage where an underlying insurer fails to pay a loss within 60 days;
• Broader coverage for legal costs;
• Personal conduct exclusions significantly narrowed;
• Blanket outside board coverage for the main board; and
• Automatic extradition costs coverage with no sub-limit.

Anup Seth, managing director of ACE Bermuda International, said, “CODA has a proven track record of responding to clients’ needs with new and enhanced products. Together with our unparalleled Side-A claims-handling expertise, our new 2008 CODA policy will offer invaluable and unprecedented personal asset protection for directors and officers.”