12 June 2003
Zurich has launched "Executive Assurance" a new product for small to medium sized businesses that protects both company directors and the business itself from liability claims that could cause either to be financially ruined.
Designed around Directors and Officers cover, Executive Assurance has four flexible options which customers can pick and choose to suit them. On taking the core D&O cover to start, policyholders can choose to add any combination of Corporate Liability, Pension Trustee Liability, Fidelity or Legal Expenses cover at a later date.
Head of Business Operations for Zurich's Commercial Business, David Smith explained: "Executive Assurance is the product the market has been crying out for. In the past it was thought that directors were immune to the threat of legal action brought against them personally, however the Companies Act (1989) makes it very clear that directors and other individuals can be held responsible for their actions whilst running a business.
"As the trend in liability claims continues to grow, we thought it important to offer a product that caters for a variety of financial risks, and yet is flexible and accessible - brokers can go on-line to get quotes or arrange cover - and can be tailored for individual requirements.
"We've cut out the jargon to provide a policy that's written in plain English, and we've designed it so that cover can be placed for any period of time between six to 18 months instead of the usual 12 months."
Zurich's Executive Assurance policy enables brokers to offer customers protection against increasing levels of litigation, legislation and employee fraud in a flexible format.
Brokers can access Zurich's Executive Assurance policy on-line through the website: www.zurich.co.uk/commercial.
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The Zurich Financial Services Group is an insurance-based financial services provider that focuses its activities on its key markets of North America, the United Kingdom and Continental Europe. Founded in 1872, Zurich is headquartered in Zurich, Switzerland. It has offices in approximately 60 countries and employs well over 70,000 people.
