ACE Bermuda has launched three professional lines products aimed at the North American business segment and offered through its Bermuda based subsidiary, Corporate Officers & Directors Assurance Ltd (CODA).

CODA is one of the leading providers of quality directors and officers insurance protection and is recognised as affording the broadest coverage generally available, offering clients up to US$75 million in capacity.

Patrick Tannock, executive vice president, Professional Lines at ACE Bermuda, said: "The need for these types of specialised professional coverages is very real today in light of the increasing frequency of partial settlements, in which claims against some but not all of the defendant directors and officers are settled."

The CODA Premier Directors and Officers Liability Policy form is designed to give comprehensive financial protection to directors and officers when their company fails to indemnify them, or when traditional insurance programmes fail to respond.

Rees Fletcher, ACE Bermuda president and chief executive, said: "As the leader in the market we are pleased to launch these new products for the benefit of our clients.

"Our experienced team of underwriting professionals looks forward to continuing to respond and adapt to the evolving requirements of our clients and the market in which we do business."

The CODA Premier Independent Directors Policy (IDL) insures only outside directors for non-indemnified loss.

This policy is designed to protect the personal assets of outside directors and allow companies to attract and retain the best available directors.

The IDL policy in combination with a company's standard directors and officers insurance programme should provide outside directors with sufficient confidence that their personal risks from board service are well managed and contained.

The enhanced CODA Premier Independent Directors Policy includes similar enhancements as listed above.

ACE said CODA is the first insurer to offer this innovative Side A policy which only covers current and former officers of a company.

The CODA Officers Liability policy contains all of the coverage features contained in CODA's Premier Directors and Officers Liability Premier policy, but the policy's limit of liability is dedicated only for the benefit of officers.

Coverage under the policy extends to officers in their capacity as an officer or director of the company as well as other employees if the other employees are co-defendants with an officer.