Elite V Directors & Officers Liability

Loss resulting from a wrongful act and will pay for:

• Damages, judgments, settlements bail bond costs, crisis costs, deprivation of asset costs, prosecution costs, public relations expenses and defence costs
• Legal representation expenses
• Losses incurred within 30 days of buy-outs by management of a subsidiary company
• Costs arising from extradition proceedings
• Tax contributions where the parent company has become insolvent and there is personal liability of an insured
• Losses incurred for civil fines and penalties
• North American exposures
• Actions between directors of the company
• Where there has been fraudulent conduct, non-disclosure misrepresentation or intent to deceive, the policy will nevertheless be maintained for each innocent director

The Chubb Elite V policy wording has been developed in response to feedback received from our broker panel, and now includes as standard:

• Preservation of Side A Limit provides a reinstated limit of liability for any Side A losses should the insurer pay a loss on the Side B or Side C element of the policy
• Cyber Privacy and Confidentiality Extension provides cover for losses as a direct result of data legislation breaches or unauthorised data disclosure.
• Mitigation of Loss Extension provides an indemnity to an insured following action taken to prevent a potential loss under the policy.
• Pre-Investigation Costs Extension pays the costs incurred by an insured person following an onsite visit by an official body or notification to an official body of a possible legal or regulatory breach of duty.
• Environmental Violation Extension provides an additional limit of liability for claims deriving from actual, alleged or threatened pollution escape, including greenhouse gases, or any regulator instruction for remediation.
• Securities Entity Cover is included as standard within the policy wording.
• Reinstatement of limit if a recovery ensures the insurer reduces the impairment of the limit of liability for any recoveries.

There is a broad definition of types of acts and a wide definition of wrongful act which constitute the basis of a claim, including:

• Breach of trust
• Error
• Omission
• Misstatement
• Misleading statement
• Neglect
• Breach of duty (including breach of duty under the Corporate Manslaughter and Homicide Act 2007 or equivalent rule in any other jurisdiction)
• Any violation of the Companies Act or any equivalent law, rule or regulation in any other jurisdiction including:
  • Written demands, civil and criminal actions and administrative and regulatory proceedings
  • Employment related wrongful acts including cover for any breach of employment law (common law or statute)
  • Whistleblower issues
  • Action raised against insured persons in respect of pollution
  • Extradition proceedings
  • Civil or arbitral proceedings against the company
  • Criminal prosecution against the company
  • Formal administrative or regulatory proceeding against the company
  • Additional catch all of any matter claimed as a result of status as a director or officer of the company

Damages, judgments, settlements and defence costs, including aggravated, punitive and exemplary damages where insurable

• Bail bond costs
• Crisis costs
• Deprivation of assets expenses
• Prosecution costs
• Public relations expenses
• Reputation protection expenses
• Advancement of defence costs
• All reasonable third party fees, costs and expenses that are incurred to defend or appeal a claim, e.g. lawyers’ fees, arbitrators’ fees, experts’ fees and other alternative dispute resolution procedure costs