CHICAGO, Aug. 25, 2016 /PRNewswire/ -- CNA today announced that it has launched a new Directors & Officers (D&O) Lead Side A Difference in Conditions (DIC) policy. CNA developed this policy in response to the growing mergers and acquisition (M&A) trend within the insurance marketplace, as questions and concerns may arise if the same consolidated carrier is present in the primary or excess D&O Side A-DIC insurance program.
"CNA's Individual Liability Solutions Policy has been updated and streamlined to provide cutting edge Side A DIC D&O Liability coverage. This policy delivers what directors and officers want as their last line of defense to claims where these individuals are not provided indemnification from underlying policies or from the company itself," said Chris Leisz, Chief Underwriting Officer, CNA Specialty. "This updated policy, coupled with CNA's strong underwriting, financial strength and claim service, continues our commitment to provide quality insurance solutions for our customers."
Policy coverage highlights include:
- Improved, streamlined policy form
- D&O Side-A Policy coverage enhancements – reinstated limits, broad definition of claim and broad DIC coverage (including underlying insurer's conduct)
- The inclusion of SOX 304/Dodd Frank 954 Costs (as defined in the Policy) in the definition of Loss
"We recognize the complex nature of these exposures and the corresponding coverage, and CNA's ability to provide these enhancements responds directly to customer feedback and our expertise in Management Liability," Leisz added.
Serving businesses and professionals since 1897, CNA is the country's eighth largest commercial insurance writer and the 14th largest property and casualty company. CNA's insurance products include commercial lines, specialty lines, surety, marine and other property and casualty coverages. CNA's services include risk management, information services, underwriting, risk control and claims administration. For more information, please visit CNA at www.cna.com. "CNA" is a service mark registered by CNA Financial Corporation with the United States Patent and Trademark Office. Certain CNA Financial Corporation subsidiaries use the "CNA" service mark in connection with insurance underwriting and claims activities.
Brandon Davis, 312-822-5167 / 312-834-6091
Sarah Pang, 312-822-6394 / 312-607-5544