Tuesday, April 29, 2014
New York, N.Y. – QBE North America’s expansion into the management liability & professional lines arena continues with the launch of three new products for public and private commercial companies and financial institutions and non-profit businesses.
The three products currently available in the new suite are the QBE Excess liability insurance policy; The Executive, a Side A Excess/Difference in Conditions policy; and The Solution for Public Company D&O, a primary public Directors & Officers Liability Policy.
“QBE is continuing to expand our Specialty Segment, moving into the primary space in the all-important commercial public D&O market, and having the capability to offer cover in all three facets of the public D&O market space,” said Dennis Kearns, Senior Vice President, Underwriting Leader.
The Excess policy offers a simple way for an individual or organization to increase the amount of coverage for an existing policy program. The Excess policy follows the underlying policy’s terms, conditions and limitations without any additional caveats. “This simplified excess policy is literally a half-page in length and accepts changes in the existing underlying policy with a simple written agreement,” Kearns noted.
The Executive provides specialized excess coverage for situations where the organization cannot indemnify, or fails to indemnify, a director or officer, and the underlying insurance fails to respond. “These difficult situations are becoming more common,” said Kearns. “Similar to the Excess liability policy, The Executive provides hassle-free protection described in simplified policy language, while providing the depth of protection directors and officers demand from their insurance policies.”
“With The Solution for Public Company D&O, QBE continues to demonstrate our commitment to providing innovative products unlike anything else in the market, while minimizing any risks to your clients,” he continues. “This policyexpands the theme set with our Excess and Side A policies, offering valued insurance coverage in a concise, easy-to-read and direct policy construction, removing the reliance on legalese and outdated terms and conditions.
This new, simplified, nine-page primary policy offers short, clearly-stated insuring clauses with only six exclusions, two of which disappear after the first year of coverage; simple claim reporting requirements; and no-hassle defense and settlement obligations
“We believe that making the policies clear and easy to understand provides greater clarity, confidence and certainty for Directors & Officers who need this coverage,” said Kearns
QBE North America is part of QBE Insurance Group Limited, one of the top 20 insurers and reinsurers worldwide. QBE NA reported Gross Written Premiums in 2013 of $5.855 billion. QBE Insurance Group’s 2012 results can be found at www.qbena.com. Headquartered in Sydney, Australia, QBE operates out of 43 countries around the globe, with a presence in every key insurance market. The North America division, headquartered in New York, conducts business through its property and casualty insurance subsidiaries. QBE insurance companies are rated “A” (Excellent) by A.M. Best and “A+” by Standard & Poor’s.