NEW YORK, NY, July 16, 2012 (GLOBE NEWSWIRE) -- The Navigators Group, Inc. (NASDAQ: NAVG) today announced that its Navigators Pro division has introduced "Side A Global InNAVation (sm)," a directors and officers (D&O) liability policy to address emerging global risks.
This new policy offers dedicated excess coverage for individual directors and officers for specific non-indemnifiable claims, including where the company they serve is insolvent. The policy provides coverage for civil fines and penalties, where insurable by law, when they are assessed pursuant to Section 308 of the Sarbanes Oxley Act of 2002, the Foreign Corrupt Practices Act, the U.K. Bribery Act or similar laws. Additional cost of defense coverage is afforded for alleged violations of Section 304 of the Sarbanes Oxley Act of 2002 or Section 954 of the Dodd-Frank Act. The policy contains a broad definition of wrongful acts, which includes alleged violations of the Employment Retirement Income Securities Act.
"Exposures faced by individual directors and officers continue to evolve on a worldwide and local basis; we responded by identifying unique coverage enhancements and combining them into a bespoke insurance solution to better serve the needs of our insureds," said Carl Bach, Head of Navigators Pro's international unit. "While other insurers are required to issue multiple local country policies, our streamlined approach utilizes an innovative 'one policy form' structure that provides worldwide coverage, including a drop down coverage payment provision if the underlying insurer is unable to pay due to failure to hold a valid local insurance license."
Side A Global InNAVation (sm) is available for multinational U.S.-based firms and international firms listed on worldwide exchanges, including but not limited to the NYSE/Euronext, NASDAQ/OMX, LSE, TSX, ASX, and Deutsche Borse, subject to certain underwriting requirements. The product is written through Navigators Syndicate 1221 at Lloyd's of London. Lloyd's is rated "A" (Excellent) by A.M. Best and "A+" (Strong) by Standard & Poor's and is licensed as an insurer or reinsurer in more than 75 countries.
The Navigators Group, Inc. is an international specialty insurance holding company with insurance company operations, underwriting management companies, and operations at Lloyd's of London. Headquartered in New York, Navigators has offices in major insurance centers in the United States, the United Kingdom and Continental Europe.
This press release may contain "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Whenever used in this release, the words "estimate," "expect," "believe," "may," "will," "intend," "continue" or similar expressions are intended to identify such forward-looking statements. We cannot assure that results that we anticipate will be achieved, since results may differ materially because of known and unknown risks and uncertainties that we face. Please refer to Navigators' most recent Forms 10-K and 10-Q and its other filings with the Securities and Exchange Commission for a description of Navigators' business and the important factors that may affect that business. Navigators undertakes no obligation to publicly update or revise any forward-looking statement.