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Aon Maximum Protection directors and officers product offers new coverage for at risk D&Os

CHICAGO (Feb. 25, 2015)Aon Risk Solutions, the global risk management business of Aon plc (NYSE: AON), released details about its exclusive Maximum Protection D&O product, which provides additional coverage to directors and officers when Non-Indemnifiable D&O limits are exhausted or do not respond.

“One of the greatest risks for individuals serving as directors and officers of companies is their personal liability,” said Christine Williams, chief operating officer of Aon Risk Solutions’ Financial Services Group. “While it would be extremely unlikely Non-Indemnifiable D&O insurance would not respond; if such a situation was to occur, the Max-Pro D&O feature would provide an additional level of benefit.

Leona Lik, managing director with Aon Risk Solutions’ Financial Services Group in Bermuda added, “In fact there has been a recent situation where a lead Non-Indemnifiable D&O insurer has denied coverage.”

This new protection will most often be added to the top layer of a Side A D&O program, which is designed to respond to catastrophic situations where the company does not indemnify the directors and officers, potentially causing those individuals to become personally liable. Max-Pro D&O provides added protection in the event the company is not in a position to fund the pursuit of the individuals’ rights to coverage.

Max-Pro D&O protection features include:

  • Legal representation cost coverage
  • No requirement for insurers consent to incur the expenses
  • Legal representation costs will be reimbursed within a short period of time

Max-Pro D&O coverage can be triggered when the D&O insurers who write the Side A coverage deny in whole, or in part, any reported claim or circumstance. It can be activated when the parent company is insolvent or in the absence of an individual dispute.

This coverage will highlight the importance of selecting strategic insurance carriers who demonstrate superior claims handling service.
 

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About Aon

Aon plc (NYSE:AON) is a leading global provider of risk management, insurance and reinsurance brokerage, and human resources solutions and outsourcing services. Through its more than 66,000 colleagues worldwide, Aon unites to empower results for clients in over 120 countries via innovative and effective risk and people solutions and through industry-leading global resources and technical expertise. Aon has been named repeatedly as the world’s best broker, best insurance intermediary, reinsurance intermediary, captives manager and best employee benefits consulting firm by multiple industry sources. Visit www.aon.com for more information on Aon and www.aon.com/manchesterunited to learn about Aon’s global and principle partnership with Manchester United.

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Media Contact:
Cybil Rose
+1.312.755.3537
Cybil.Rose@KemperLesnik.com

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