Features and benefits
Feature: One insuring clause
Benefit: Instead of the conventional twin insuring clause approach, with indemnification being the barrier between the two, there is a single insuring clause providing direct access for the directors to insurers
Feature: D&O cover on an ‘all risks’ basis
Benefit: Rather than an insured perils/affirmative cover approach, the assumption is that the risk is covered unless excluded
Feature: Nil deductibles
Benefit: No compulsory deductibles or retentions other than with respect to securities claims
Feature: Investigation cost coverage
Benefit: Full-limit coverage for insolvency investigations and comprehensive investigation cost protection for directors and officers
Feature: Flexible claims participation
Benefit: Minimal claims participation requirements for a seamless claims process
Feature: Policy conditions simplified
Benefit: Clear, simple and concise terms. No conditions precedent and insurers’ remedy for policy breach established only upon prejudice
DARCstar includes additional features not seen in standard D&O policies. These include:
- Advancement of all directors’ costs in the event of an allocation dispute
- Defence and investigation costs cover for death under the D&O policy (for death resulting in a claim against a director or officer or other insured person)
- Fully integrated Outside Directors Liability (ODL) cover
- Loss mitigation protection
- Suspended claims reporting requirements where legal restrictions apply