ACE Enhances Cover Protecting Personal Assets
of Individual UK Directors
June 15, 2010 04:03 AM Eastern Daylight Time
MANCHESTER, U.K.--(EON: Enhanced Online News)--Today at the AIRMIC Conference, ACE Bermuda
International (ACE) announced enhancements to its CODA product which provides personal asset protection for
directors & officers in the UK.
CODA provides the broadest possible coverage for directors and officers where they cannot be indemnified by their
companies, or when traditional insurance programmes fail to respond to their needs. CODA is a ‘Side A’ cover
designed to sit as an excess layer above traditional directors & officers programmes.
The main enhancements to the CODA product include:
l Blanket outside board coverage for all companies (including coverage for directorship in US companies).
l Reinstated limit available as an additional main board benefit.
l The main board is empowered to waive the Insured vs. Insured and Bodily Injury/Property Damage
l Coverage provided for corporate taxes falling on individual shoulders following insolvency of the parent or any
l Coverage for civil penalties associated with an unintentional breach of the law.
The benefits of the CODA policy are paid directly to the individuals rather than the company in the event of a claim.
The CODA policy can be purchased either separately or as part of a package providing flexibility to tailor
programmes to meet individual needs. All CODA policies are issued at inception to provide individuals with contract
Charles Davidson, Underwriting Manager, Professional Lines, ACE Bermuda International, said:“CODA offers
individual company directors and officers some of the broadest and most responsive levels of personal asset
protection available. These enhancements, backed by ACE’s financial strength and security, ensure CODA remains
the first choice of directors wanting the best possible coverage.”
Commenting on the announcement, Anup Seth, Managing Director, AC