|
|
|
|
|
|
Vol. 1 No. 3, April 2004
|
Commercial D&O FAQs
|
Darwin does not engage in “class” underwriting practices in the commercial D&O segment. Our underwriting approach looks at each risk to assess individual account exposures. We have created a primary D&O liability policy that is a relatively clean form and designed for customization on a risk-by-risk basis. Some highlights of the form are provided below.
|
(i) Severability of Application
Our policy has partial severability where no insured person's knowledge may be imputed to any other insured person, except for the signer of the application. In addition, an Executive Officer's knowledge can be imputed to the Entity.
We may consider modifying the Severability wording to “full severability” or a less restrictive partial severability on a per-risk basis.
|
(ii) Final Adjudication
The policy has the traditional “in fact” wording for the Fraud and Personal Profit exclusions. For those who wish, we can define “in fact” to mean a.) an admission or b.) a finding in a legal proceeding.
On an individual basis, we are able to amend this to the “final adjudication” language.
(iii) Back dating P&P Lit X; “Continuity of Coverage”
Darwin is willing to back date P&P Lit X dates and accept renewal applications when replacing an existing layer of insurance on either the excess or primary position.
|
(iv) A-side Coverages
One of the first policy forms put together was our “Preserver” A-side DIC form. This is a very competitive and attractively priced DIC product.
Darwin also has the ability to amend its Basic Excess Form to provide A-side Non-rescindable coverage.
(v) Unique Excess Pricing Strategy
The underwriters at Darwin use a unique “ground up” pricing strategy; pricing to the risk and layer – as opposed to the immediate underlying layer.
|
(vi) No Force Feeding
Unless specifically requested, Darwin doesn’t mandate co-insurance or pre-determined allocation on any of its insureds.
(vii) Punitive Damages Coverage and Most Favorable Jurisdiction
Our D&O policy includes punitive or exemplary damages where insurable under applicable law.
On an individualized basis, we can offer the “Most Favorable Jurisdiction” language. (Note: “most favorable” is a choice from several jurisdictions which have a relationship to the transaction.)
(viii) Blended Coverages
On either a primary or excess basis, Darwin can offer blended D&O/Fiduciary and D&O/EPL coverage.
|
|
|
|
<< HOME: Digital DNA No.3, April 2004
|
NEXT: Fiduciary Focus >>
|
LEGAL NOTICE: Darwin Professional Underwriters, Inc. (Darwin) recognizes that electronic and Internet communications are an important element in transacting business and strengthening business relationships with our producers, partners, and policyholders. The “CAN-SPAM Act of 2003” requires, among other things, that commercial electronic mail messages, the primary purpose of which is the commercial advertisement or promotion of a commercial product or service, comply with certain requirements. The requirements include identifying these messages as solicitations and giving the recipient the opportunity to “unsubscribe.”
|
Darwin uses electronic communications for various purposes, including educational, transactional, informational, and promotional, and to facilitate or solicit business. Until the “primary purpose” language of the “CAN-SPAM Act of 2003” is clarified, Darwin is taking a conservative view and advising that all our email and electronic communications could be viewed as an advertisement or solicitation. If you wish to unsubscribe, please follow the unsubscribe links provided in this message.
|
:: Privacy Policy :: Contact ::
:: Copyright 2003-2004, Darwin Professional Underwriters, Inc. ::
|
 |
|
