First Excess Directors and Officers Liability and Company Reimbursement Policy SPECIMEN. Zurich Global Corporate UK

Transcription

1 First Excess Directors and Officers Liability and Company Reimbursement Policy

2 Reimbursement insurance schedule Item 1 Item 2 Item 3 Item 4 Item 5 Item 6 Item 7 Item 8 Policy number: From to both days Policyholder: Registered address: Period of insurance: Premium: Insurance premium tax: Total payable: Limit of liability: Primary policy: Prior and pending litigation: Endorsement applicable: Number: From Signed : For and on behalf of Zurich Insurance Ireland Ltd (UK Branch) Dated: Insurer: Policy number: Limit of liability: Deductibles: Subject: 2

3 First Excess Directors & Officers Liability and Company Reimbursement Policy In consideration of the payment of the premium and in reliance upon all statements made and information furnished in a Proposal and subject to all the terms, conditions and limitations of this Policy, Zurich Insurance Ireland Ltd (hereinafter called the Insurer) agrees that: Section 1 Agreement with Primary Policy Other than in respect of 1.1 the premium 1.2 the limits of liability 1.3 Sections 2 to 7 and any Endorsements hereto this Policy is subject to the same terms conditions limitations exclusions and all other provisions as the Primary Policy. No change in the Primary Policy shall be binding upon the Insurer unless specially endorsed hereon. Section 2 Definitions For the purpose of this Policy 2.1 Proposal shall mean the proposal form and any attachments thereto and any supplementary statements or material supplied to the Insurer 2.2 Primary Policy shall mean the policy identified by Item 6 of the Schedule 2.3 Underlying Limit of Liability shall mean the limits of liability provided by the Primary Policy identified by Item 6 of the Schedule Section 3 Maintenance of Underlying Policies It is a condition precedent to the coverage afforded under this Policy that the Policyholder maintains in force the Primary Policy in all respects subject only to reduction or exhaustion as a result of loss payments. This Policy will not provide indemnity for any loss not covered by the Primary Policy except and to the extent that such loss is not paid under the Primary Policy solely by reason of the reduction or exhaustion of the Underlying Limits of Liability as a result of payments of loss thereunder. In the event that of one or more the insurers of the Primary Policy fails to pay loss in connection with any claim as a result of the insolvency, bankruptcy or liquidation of the said insurer then those insured hereunder shall be deemed to be self-insured for the amount of the limit of liability of the said insurer which is not paid as a result of such insolvency, bankruptcy or liquidation. Section 4 Limit of Liability 4.1 The Insurer will pay any loss in excess of the Underlying Limit of Liability and the deductible or retention under the Primary Policy which is applicable to such loss up to the Limit of Liability under Item 5 in the Schedule in respect of each claim admitted under the Primary Policy. The amount shown under Item 5 shall however be the maximum aggregate Limit of Liability of the Insurer for losses resulting from all payments made under this Policy during the Period of Insurance 4.2 The Insurer shall be liable under this Policy only after the insurers of the Primary Policy have paid or been held liable to pay the Underlying Limit of Liability in full 4.3 Subject to 4.1 in the event of the reduction or exhaustion of the Underlying Limit of Liability by reason of payment of loss this Policy will (i) (ii) in the event of reduction pay in excess of the reduced limits and in the event of exhaustion continue in force as a primary insurance in excess of the deductible or retention applicable to the Primary Policy as shown in Item 6.4 of the Schedule which will operate exactly as specified in the Primary Policy 3

4 Section 5 Claim Notification The Policyholder as a condition precedent to payment under this Policy shall provide written The Insurer shall not be liable under this Policy to notice to the Insurer via the broker or firm that make any payment in respect of any claim arising effected this policy, as soon as reasonably from, based upon, attributable to or as a practicable of: consequence of any litigation initiated prior to or 5.1 any claim made against a director or officer 5.2 notice from any person or entity of an intention to make such a claim 5.3 circumstances of which the Policyholder becomes aware which could reasonably give rise to a claim at a later date The date of notification to the Insurer will be deemed to be the date upon which the resultant claim is first made. Written notice shall include but not be limited to a description of the claim circumstances, the nature of the alleged or potential damage, the names of the actual or potential claimants and the date and manner in which the Policyholder or director or officer as the case may be first became aware of the claim. If the policyholder has not effected this policy through a broker, then all claim notifications should be referred to: The London Underwriting Centre 3 Minster Court Mincing Lane London EC3R 7DD Tel: , And marked for the attention of the Policyholders normal contact at the Insurers office. Section 6 Prior and Pending Litigation pending at the date specified in Item 7 of the Schedule or alleging or deriving from the same or essentially the same facts as alleged in such prior or pending litigation. Section 7 Arbitration Clause In the event that there shall arise any dispute or difference between the Insurer and those insured hereunder with respect to any of the matters referred to in this Policy then such dispute or difference shall be referred to the final and binding resolution of a suitably qualified independent legal adviser (for example a member of Her Majesty s Counsel in the United Kingdom) who shall be provided with all such information as he or she may request in order to achieve a resolution or such difference or dispute. Such legal expert shall have sole discretion as to the conduct of any reference to him or her and as to the awarding of any costs or expenses incurred in connection therewith. 4

5 Complaints procedure Zurich is committed to providing a high level of service to all its customers. However, if you have any cause for complaint you should in the first instance, contact either your broker or us directly. If the matter is not resolved to your satisfaction, please contact the Director of Underwriting and Manufacturing. You can telephone Or write to: Director of Underwriting and Manufacturing London Underwriting Centre 3 Minster Court Mincing Lane London EC3R 7DD If you are still not satisfied, please contact the Managing Director s Office. You can telephone Or write to: Managing Director London Underwriting Centre 3 Minster Court Mincing Lane London EC3R 7DD A member of the Managing Director s Office will respond to your complaint and offer resolution wherever possible. Written complaints will be acknowledged within one working day of receipt. If after four weeks you have had no contact, a letter of explanation will be issued. If you are still not happy with the way we have dealt with your complaint you may be eligible to have your case reviewed by the Financial Ombudsman Service. This is a free and impartial service available only to some small businesses, with a turnover of 1million (Euro 1.5 million*) or less. You can telephone: or enquiries@financial-ombudsman.org.uk Or write to: Financial Ombudsman Service South Quay Plaza 183 Marsh Wall London E14 9SR You are entitled to refer to the Financial Ombudsman Service at any stage of your complaint. Your legal rights are unaffected. *At an exchange rate of 1GBP = 1.5 EUR 5

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7 PP119149A01 (1/06) TSW London Underwriting Centre, 3 Minster Court, Mincing Lane, London EC3R 7DD, England. Website: is a trading name for the following companies: Limited Registered in England and Wales No Registered Office: The Zurich Building, 90 Fenchurch Street, London, EC3M 4JX. Zurich Insurance Company* A limited company incorporated in Switzerland. Registered in the canton of Zurich No. CH UK Branch registered in England and Wales No. BR105. Registered Office: Mythenquai 2, 8022 Zurich, Switzerland. Head Office in the UK: Zurich House, Stanhope Road, Portsmouth, Hampshire, PO1 1DU. Zurich Insurance Ireland Limited** A limited company incorporated in the Republic of Ireland, Registered No UK Branch registered in England and Wales No. BR7985. Registered Office: Eagle Star House, Ballsbridge Park, Dublin 4. Head Office in the UK: The Zurich Building, 90 Fenchurch Street, London EC3M 4JX. Zurich International UK) Limited* Registered in England and Wales No Registered Office: Zurich House, Stanhope Road, Portsmouth, Hampshire, PO1 1DU. * Authorised and regulated by the Financial Services Authority. **Authorised and regulated by the Irish Financial Services Regulatory Authority and regulated by the Financial Services Authority for the conduct of UK business.