DirectorXpress policy changes.
Travelers, a leading insurer of solicitors, surveyors and other professionals, has revamped Its corporate liability cover.
The insurer has changed its DirectorXpress policy wording for private company and non-profit risks.
The new version of the wording includes over thirty new coverage enhancements including public relations expenses, crisis management costs personal tax liability for insured persons and attendance compensation for insured persons.
Other changes include punitive & exemplary damages and multiplied damages cover.
The policy now includes cover for costs and expenses incurred in dealing with claims brought under the new shareholder derivative action procedures.
The policy now provides increased limits of cover for corporate liability (entity) cover to ensure that the organisation itself can receive the same level of financial protection as its directors or officers.
As one of the leading insurers of solicitors, surveyors and other professionals, Travelers are very pleased to respond to the ever changing director and officers (D&O) environment by improving their product offering.
Travelers have a highly experienced team of D&O underwriters in the UK and believe that this new wording will be welcomed by their supporting brokers and provide a leading market product for both new and existing business.
Nigel Tocknell, senior D&O underwriter, said: “With the current economic situation the need for D&O cover amongst private companies and non-profit organisations is greater than ever.
“The risk of insolvency and related litigation may increase, and private companies and non-profit organisations in the UK should protect themselves. The potential costs of any D&O claim, even where an insured is found to be not responsible, can be considerable and for relatively small premium many of these costs can be insured by us.”
