Zurich Financial Services Australia has extended its Directors and Officers (D&O) insurance cover to ensure both local and global companies have global protection. This was in recognition of “Australia and New Zealand becoming more litigious in the boardroom – part of a global corporate trend.”
Zurich’s worldwide coverage means that claims are covered no matter if it is against a foreign insured in a foreign jurisdiction (where local policy issuance is not required); or an insured located outside such foreign jurisdiction.
“Zurich now provides a seamless blend of covers around the world as we craft a global D&O solution,” said Ms Susan Elias, Zurich’s National Underwriting Manager – Financial Lines.
“Zurich’s commitment is to resolve the uncertainty around the application of licensing laws and premium tax requirements, so we have added our Overseas Entity Liability insuring clause. This provides cover for the policyholder in connection for financial interest loss where a subsidiary is located in a restricted foreign jurisdiction,” she said.
“There is growing evidence that Australia and New Zealand are becoming part of the global trend of litigation against boards, directors and senior management. In particular, Australian and New Zealand companies are facing potential legal issues in overseas markets and vice versa, global companies facing potential legal threats here..Zurich’s global reach means we are able to provide world-wide coverage.”
As part of its new D&O cover Zurich also offers its Zurich Multinational Insurance Proposition (MIP), which helps resolve the uncertainty around the application of licensing laws and premium tax requirements applicable in more than 170 countries where cross-border risk is written.
“This is critically important to provide protection for any multinational company that has directors and officers in multiple jurisdictions,” said Ms Elias.
The new D&O insurance also has environment mismanagement cover. This includes coverage for climate change and global warming disclosure claims; retaliation claims against insured persons, non-securities misrepresentation claims; and securities claims arising out of or attributable to actual or alleged climate change or global warming.