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Travelers Cos. Inc. said Thursday it is introducing new D&O liability coverage that offers additional support to directors and officers who are asked to appear at meetings or produce documents as part of an internal corporate investigation.
The New York-based insurer said in a statement that while most D&O policies for publicly traded companies provide coverage for defense expenses incurred when directors and officers respond to interview request from regulatory bodies, its new Enhanced Request Coverage reimburses costs incurred when companies conduct their own investigations before any government involvement.
Travelers said the coverage addresses evolving exposures created by regulations that require corporations to help investigate and identify individuals responsible for misconduct.
It said the coverage, which can be triggered when a company self-reports potential corporate wrongdoing, brings a layer of protection to public business and individuals at an earlier time in the investigation process.
“Due to the renewed focus on individual misconduct in corporate investigations, it’s important for directors and officers to have comprehensive protection,” Shanda Davis, Chicago-based D&O product manager for bond and specialty insurance at Travelers, said in the statement. “Given the current regulatory environment, this is a smart way to make a needed addition to the coverage provided by a public D&O insurance policy.”
The coverage is available as an endorsement to Travelers’ public company D&O policyholders, with full limits available, Ms. Davis said.
Travelers Cos. Inc. on Monday said it has agreed to acquire Simply Business from Aquiline Capital Partners L.L.C. for $490 million.