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What Is Covered?

Loss resulting from a wrongful act and will pay for:

  • Damages, judgments, settlements bail bond costs, crisis costs, deprivation of asset costs, prosecution costs, public relations expenses and defence costs
  • Legal representation expenses
  • Losses incurred within 30 days of buy-outs by management of a subsidiary company
  • Costs arising from extradition proceedings
  • Tax contributions where the parent company has become insolvent and there is personal liability of an insured
  • Losses incurred for civil fines and penalties
  • North American exposures
  • Actions between directors of the company
  • Where there has been fraudulent conduct, non-disclosure misrepresentation or intent to deceive, the policy will nevertheless be maintained for each innocent director

What Is New In Elite V?

The Chubb Elite V policy wording has been developed in response to feedback received from our broker panel, and now includes as standard:

  • Preservation of Side A Limit provides a reinstated limit of liability for any Side A losses should the insurer pay a loss on the Side B or Side C element of the policy
  • Cyber Privacy and Confidentiality Extension provides cover for losses as a direct result of data legislation breaches or unauthorised data disclosure.
  • Mitigation of Loss Extension provides an indemnity to an insured following action taken to prevent a potential loss under the policy.
  • Pre-Investigation Costs Extension pays the costs incurred by an insured person following an onsite visit by an official body or notification to an official body of a possible legal or regulatory breach of duty.
  • Environmental Violation Extension provides an additional limit of liability for claims deriving from actual, alleged or threatened pollution escape, including greenhouse gases, or any regulator instruction for remediation.
  • Securities Entity Cover is included as standard within the policy wording.
  • Reinstatement of limit if a recovery ensures the insurer reduces the impairment of the limit of liability for any recoveries.

What Constituties a Claim?

There is a broad definition of types of acts and a wide definition of wrongful act which constitute the basis of a claim, including:

  • Breach of trust
  • Error
  • Omission
  • Misstatement
  • Misleading statement
  • Neglect
  • Breach of duty 
  • Any violation of the Companies Act or any equivalent law, rule or regulation in any other jurisdiction including:
    • Written demands, civil and criminal actions and administrative and regulatory proceedings
    • Employment related wrongful acts including cover for any breach of employment law (common law or statute)
    • Whistleblower issues
    • Action raised against insured persons in respect of pollution
    • Extradition proceedings
    • Civil or arbitral proceedings against the company
    • Criminal prosecution against the company
    • Formal administrative or regulatory proceeding against the company
    • Additional catch all of any matter claimed as a result of status as a director or officer of the company

What Is Included In The Definition Of Loss?

Damages, judgments, settlements and defence costs, including aggravated, punitive and exemplary damages where insurable

  • Bail bond costs
  • Crisis costs
  • Deprivation of assets expenses
  • Prosecution costs
  • Public relations expenses
  • Reputation protection expenses
  • Advancement of defence costs
  • All reasonable third party fees, costs and expenses that are incurred to defend or appeal a claim, e.g. lawyers’ fees, arbitrators’ fees, experts’ fees and other alternative dispute resolution procedure costs