Marsh Risk, a business of insurance broker and risk advisor Marsh, announced that its Marsh Alpha directors and officers (D&O) insurance facility now offers unlimited claims on a single, unrelated basis as standard.
Marsh Alpha, which provides protection for individual directors and officers not indemnified by their firm, is the first insurance solution of its kind to offer an “any one claim” benefit to all commercial clients globally.
Launched in 2010, Marsh Alpha is Marsh Risk’s flagship “Side A” difference in conditions (DIC) coverage, which offers clients up to $150 million in insurance coverage for claims brought against directors and officers in situations where the company does not provide indemnity.
In the current commercial environment, “any one claim” wordings are typically limited to small and medium sized companies with no exposure to litigious jurisdictions such as the U.S. and Australia.
With Marsh Alpha’s latest enhancement, the full limit of liability is now available for an unlimited number of unrelated, single claims in any given policy period, for no additional premium. Financial institution clients will be offered a traditional aggregate limit with three full limit reinstatements for no additional premium.
“Now in its sixteenth year, Alpha continues to evolve and push the boundaries of Side A D&O coverage in the global insurance market,” commented Paul Denny, global FINPRO leader, Marsh Risk, in a statement.
“The facility aims to provide everything a director wants and needs: it is tried and tested, innovative, and responsive to the changing risk landscape,” Denny added. “This latest update underlines Marsh’s dedication to providing clients with world-class solutions and continued commitment to being at the forefront of innovation.”
“We are excited to be able to offer D&O coverage that will respond when clients need it most,” said Shaunna Bell, UK Management Liability Placement Leader, Marsh Risk.
“Boards and candidates increasingly factor D&O protection into hiring decisions; by eliminating the aggregation of limits for no extra premium, Marsh Alpha offers organisations further support to recruit and retain experienced leaders in a more litigious and regulatory focused global environment,” Bell continued.
Source: Marsh Risk
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