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New insurance product to fill D&O coverage gaps
RSA Canada introduces Ironclad.
Staff on September 13, 2016
RSA Canada has introduced an insurance product that protects board members against a number of legal and financial risks which can jeopardize their personal assets and limit an organization’s ability to attract individuals into key board roles.
The product, Ironclad, bridges the gaps that are exposed when corporate indemnification is unavailable, underlying D&O policies are exhausted or not applicable, and when the personal assets of directors and officers are at risk. It has two main purposes:
- Provides excess coverage on top of underlying D&O polices.
- Provides broader coverage than underlying D&O policies
“Unfortunately, what many D&O buyers are lead to believe is that more is better, when in fact the opposite is often true,” said Ian Fraser, assistant vice-president of ProFin for RSA Canada in a release. “The traditional D&O policy limit is actually shared with the entity, whose exposures are considerably greater, so it’s critical to put the right insurance in place.”
Ironclad features multiple limit reinstatements, flexible claims reporting provisions, coverage for remediation costs, and other enhancements.
New insurance product to fill D&O coverage gaps
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