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HAMILTON, Bermuda—XL Insurance (Bermuda) Ltd. is enhancing its broad form Side A directors and officers liability coverage.
XL, a unit of Hamilton, Bermuda-based XL Group P.L.C., said the enhanced coverage, which is offered as excess difference-in-conditions coverage, provides an additional limit of liability for independent directors for defense costs for Section 304 of the Sarbanes-Oxley Act and Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
The provisions impose severe financial penalties on current and former corporate executives if company-issued financial statements are found to be materially inaccurate, according to XL.
The enhancement also provides that defense costs will be advanced within 45 days.
Within the definition of loss, enhancements expressly include fines for unintentional violations of law and for SOX Section 308 fines, which involve distribution of civil penalties to investors.
Also included within the definition of loss are intentional violations of the Foreign Corrupt Practices Act or the U.K. Bribery Act, and taxes imposed on the insured because of the company’s insolvency.
An annual survey by New York-based Towers Watson & Co. released this month found more companies are increasing the amount of directors and officers liability insurance they purchase.