The Navigators Group, Inc. announced that Navigators Pro, a division of Navigators Management Company, Inc. has introduced the Director InNAVation Side A excess directors and officers (D&O) liability and lead DIC (difference-in-conditions) policy, which responds to concerns such as the financial insolvency of an Underlying Insurer.
Directors and officers are facing increased risk on their personal assets from litigation brought by shareholders, creditors, bankruptcy trustees, employees, and government or regulatory actions. This exposure is magnified in the current economic climate where chapter 7 and 11 bankruptcy and financial insolvencies of corporations are dramatically rising. The Director InNAVation provides follow form excess coverage over a current management liability policy to protect against a potential non-indemnifiable loss whereby an Underlying Insurer fails or refuses to pay covered loss solely by reason of such Underlying Insurer’s financial insolvency, wrongfully fails or refuses to pay as required, or fails to pay due to liquidation or reorganization of the corporation. The policy is non-rescindable by Navigators Insurance Company and the application and exclusions are fully severable to all insureds.
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