DirectorXpress New Improvements

Directors and Officers product page and documents

What is new about DirectorXpress?

It is a re-write of the current DirectorXpress wording with over 30 coverage improvements. We have also changed the basis on which limits of indemnity are offered so that separate aggregate limits are available for all three cover elements.

So what improvements are there?

Key amendments to note are:

Corporate Liability Limit
Limit of Liability is now on a separate aggregate basis – previously the Corporate Liability limit was a sub-limit of the D&O limit

Definition of Loss
Now includes punitive, exemplary damages, multiplied damages except in respect of North America

Major Shareholder Exclusion
Deleted from the policy cover

Corporate Manslaughter
Clearer affirmative cover given for this area of claims. Also includes £100,000 of fees and expenses for the employment of public relations consultants to assist the Insured.

Extended Reporting Period
Named Insured has automatic right to a 90 day reporting period if policy is not renewed. Options (including cost) for 12, 24 or 72 month reporting period are also now confirmed in the extension

Identity Theft
This new extension provides a £100,000 separate aggregate limit to cover fees and expenses insured by an Insured where they have to establish that fraudulent misrepresentation by a third party has occurred.

Attendance Compensation
This new extension provides £250 compensation per day per Insured Person where they have to attend inquiries, court hearings, interviews etc in relation to a Claim under the policy.

Civil Fines and Penalties – D&O Only
Cover is now provided for civil fines and penalties imposed on an Insured Person within the United Kingdom by an authorised UK regulatory body.

Derivative Claim Proceedings
This new extension gives additional Defence Costs cover for Insured Persons when a derivative claim under the new Companies Act 2006 procedures is brought by a shareholder.

Insured Person Public Relation Expenses
This new extension provides a £100,000 sub-limit of cover for fees and expenses incurred by and Insured Person for employing a public relations consultant to assist them in dealing with the adverse effects of a Claim against them.

Pollution – D&O
Cover now increased under this extension up to £2,000,000 or the limit of liability – whichever is the lesser amount.

Insured Organisation Crisis Management Expenses
This new extension provides a £100,000 sub-limit of cover for fees and expenses incurred by an Insured Organisation for employing a public relations consultant to assist them in dealing with the adverse effects of a Crisis Event as defined in the policy which affects an Insured Organisation.

Insured Organisation Public Relations Expenses
This new extension provides a £100,000 sub-limit of cover for fees and expenses incurred by an Insured Organisation for employing a public relations consultant to assist them in dealing with the adverse effects of a claim against them.