Specialist underwriting agency DUAL Corporate Risks has launched a new and more broad-ranging management liability product.
Management Liability Plus provides comprehensive cover to privately-owned companies, their directors, company pension funds and their trustees to protect them from claims and losses incurred as a result of internal frauds.
The product covers: directors and officers liability (D&O); corporate liability (CL); employment practices liability (EPL); pension trustees liability (PTL); and fidelity fraud losses (Crime).
Jennifer Martin, Underwriting Director at DUAL Corporate Risks, said: “In the current economic climate employee fraud can be a significant issue for many companies and this cover provides valuable balance sheet protection for companies.”
She added: “As a result of our dialogue with brokers and clients, we discovered that they wanted a product that was much more broad-ranging, where all the components fitted together without gaps or unnecessary overlaps. This comprehensive product suite is unusual in that it addresses all the requirements of our targeted client base in today’s working environment.”
The product is flexible and allows the insured to select the level of cover required to suit their needs, be it simply D&O cover, the full suite of cover available, or a mixture of the five insuring clauses.
The coverage takes account of the latest legal developments and has a number of unique features including separate towers of liability with no aggregation. It also has internal fraud cover for companies and their pension funds.
The policy includes full coverage for criminal investigations and prosecutions of companies and their directors under the Bribery Act 2010, which came into force on 1 July 2011. Many other policies only provide coverage for investigations and prosecutions of directors, but companies can also be held liable under the new act.
There is also broad coverage available for directors’ and officers’ defence costs where they are suspended following a notification by the company to a regulatory body or governmental agency. Other policies would typically not regard this event as triggering coverage, even though the director may need to obtain urgent legal advice to protect his/her position.
The product also includes coverage for official investigations, internal investigations and corporate manslaughter claims against individuals and companies.
Further coverage options include: assets and personal liberty costs; retirement cover; emergency costs; travel costs cover; public relations cover; pre-agreed run-off coverage in the case of merger, acquisition or liquidation; and mitigation loss coverage included as standard.
The management liability product is aimed at UK private commercial companies and will be sold via DUAL’s National Business Unit in Manchester. This will enable DUAL to capitalise on its already impressive penetration into the UK commercial market.
Source : DUAL Corporate Risks
