ACE Bermuda’s unique suite of CODA policies meet the ever changing demands of our clients:

• Directors and Officers
• Officers Only
• Independent Directors
• Retired Independent Directors
• Retired Officers

By providing this 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. These 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.

CODA as Primary
CODA can be the primary policy, with other excess policies following the broad terms of CODA.

CODA Excess and DIC
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.

Separate CODA policies for Independent Directors and Officers
In response to recent litigation trends and the heightened desire by both independent directors and officers to maximize personal asset protection, CODA policies are able to 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.

Additional Limit within the CODA Excess DIC policy for Independent Directors and for Officers
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, as mentioned above, and sits excess of the main CODA Excess DIC policy limit as well as any other Side A policy excess of the main CODA policy. Also there is 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.

CODA for Retired Independent Directors and Retired Officers
Former or retired independent directors have unique concerns arising from the potential for future clams 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.

Further Information
-  ACE Bermuda Product Highlights
-  ACE Bermuda Newsletter Archive - The D&O Report
-  The ACE Report Issue 72: Peas in a Pod: Are Exposures and Insurance Needs of Directors and Officers the Same?
-  Please contact your broker for a copy of the CODA policy for full terms and conditions 


If you are a US-based company, broker or agent please note that ACE Bermuda's insurance products are only available through non-US based brokers.