Chubb’s CODA Premier® Policy offers directors and officers the insurance coverage they need to protect their personal assets. Available to all companies (public, private, not-for-profit and financial institutions), the policy is structured to offer broad, comprehensive coverage that cannot be cancelled or rescinded for any reason, except non-payment of premium.
If you are a director or an officer, CODA policies are designed to protect your personal assets. The CODA policy has been providing high quality personal asset protection insurance for directors and officers of large multinational corporations for almost 30 years. CODA policies continue to meet the ever changing demands of our clients:
Coverages can be purchased either individually or as a packaged product providing for maximum protection and ease of administration. This approach provides flexibility for clients to design programs that are tailor made to meet their needs.
By providing coverage in a more holistic manner we can eliminate the competing interests and conflicts which arise between the various external and internal directors, creating greater comfort for all.
CODA can be your primary policy, with other excess policies following the broad terms of CODA.
Alternatively, CODA can be excess of a traditional D&O insurance program. However, pursuant to the DIC feature in the excess CODA policy, CODA will drop down and fill any gaps in coverage in the underlying policies to the extent CODA affords broader coverage than the underlying policies.
In response to recent litigation trends and the heightened desire by both independent directors and officers to maximize personal asset protection, CODA policies can provide Independent Director Liability (IDL) and Officer Only Liability. Both policies contain all the broad features of the standard CODA Excess DIC policy but dedicate the policy limits to just the independent directors and officers respectively and can not be eroded by claims against other individuals or the Company.
Alternatively, for ease of purchasing, CODA IDL and/or Officers Liability coverage can be purchased as an additional limit within the CODA Excess DIC policy rather than as stand-alone policies. The additional limit comes with the advantage of being dedicated to independent directors and officers respectively. It sits excess of the main CODA Excess DIC policy limit as well as any other Side A policy excess of the main CODA policy. Specific policy language, that allows the insureds to maximize their insurance recoveries in the event a claim, triggers both the main CODA Excess DIC policy limit and the additional limit.
Former or retired independent directors have unique concerns arising from the potential for future claims against them based on their alleged wrongdoing while they were in office. Likewise, former or retired executives run the risk of continuing liability for allegations stemming from their prior management roles. The CODA Retired Independent Director and Retired Officer policies address the specific perils of these distinct insureds and offer future protection if any claims are made after their retirement. Under standard D&O policies these future claims may be denied. CODA provides a guaranteed amount of high quality personal asset protection for retired directors and retired officers for an extended period of time (usually 4-6 years) providing them with added security.
Recognizing a need in the market for broad-based protection for independent fund trustees, Chubb released the CODA Mutual Fund Independent Director Liability Excess DIC policy. Unlike typical policies for independent fund directors, which restrict coverage to non-indemnified directors, the policy offers excess follow form coverage for a fund's indemnification of its independent directors and incorporates privacy and network security coverage to non-indemnified directors via endorsement.
US $75 million for all CODA policies. Attach anywhere.
Corporate Officers & Directors Assurance Ltd. (CODA) was formed in 1986 by 53 US corporations to provide a solution to the lack of D&O insurance for personal asset protection. Since 1986 the CODA policy has protected a significant number of directors and officers of Fortune 1000 companies. In 2006, Chubb expanded the CODA brand and launched a CODA policy designed specifically for the UK market. CODA was formed by its policyholders in 1986 and acquired by ACE Bermuda in 1993.
CODA's history timeline demonstrates our commitment to innovation and the development of market leading products that respond effectively to the changing demands of our insureds.
For further Information, please contact your broker for a copy of the CODA policy for full terms and conditions.
Chubb in Bermuda is regulated by the Bermuda Monetary Authority. It is not licensed in the U.S. as an admitted insured nor is it an eligible excess and surplus lines insurer. Chubb Bermuda’s insurance products are available through non US-based brokers only.