Marsh has announced that its D&O Echo facility is now offering clients with enhanced directors and officers insurance protection, in order to provide greater financial stability amid continued volatile market conditions and fluctuating insurance rates.
Available to Marsh clients globally and covering all major industries – including financial institutions – Marsh D&O Echo provides clients with up to $75 million of excess D&O insurance cover ($40 million for clients based in the US) attaching anywhere above $25 million. In addition, clients can pre-purchase a reinstatement of the limit, or lock in a price for the future purchase of a reinstatement, which can be accessed in the event that limits are eroded by claims.
Underwritten by Lloyd’s of London insurers, Marsh D&O Echo’s streamlined placement mechanism enables clients to access significant capacity without the need to ‘stack’ – or secure multiple layers of coverage – from several insurers, a feature commonly seen in the D&O insurance market in recent years.
By reducing the layers of insurance and utilizing the Lloyd’s claims scheme, Marsh’s D&O Echo can reduce the number of separate insurers that need to be consulted in the event of a claim, streamlining the recovery process for clients.
Stephanie Manson, UK Management Liability Leader, Marsh Specialty, said: “Clients have welcomed rate reductions over the last 12-18 months, they remain concerned that another correction in underwriting sentiment, could result in reduced capacity, substantial increases, and claims complications.
“D&O Echo provides clients globally with substantial capacity without being over exposed to a single insurer, which helps limit the risks of market volatility and provides enhanced excess cover beyond what is available in the standard open market.”