Zurich has released a new product called Companion – a policy designed to provide directors and officers with cover for their defence costs and expenses if the traditional Directors and Officers (D&O) policy is precluded from responding due to a statutory charge.
The new product has been released in response to the uncertainty created following the September 2011 Bridgecorp decision in NZ.
Zurich’s Companion policy sits independent of the traditional Zurich D&O policy, providing accompanying cover for:
It also provides non-aggregating capacity with Zurich’s traditional D&O policy, up to $10 million (equal to or less than the traditional Zurich D&O policy limit).
Deductible levels bridge the Companion policy and the traditional Zurich D&O policy, ensuring the insured is not penalised with the burden of double deductibles.
In addition to providing defence costs, the Zurich Companion policy includes the following expenses:
For a summary of the Bridecorp case, click here.
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