PRODUCT: Beazley Boardroom Protect 2023.

COMPANIES: Lloyds of London; Beazley.

BEST RATING: A+

AVAILABILITY: Appointed agents and brokers only.

FOCUS: Beazley Boardroom Protect 2023 is the successor wording to the Advanced Boardroom and Company Protection wording and incorporates many enhancements. The directors & officers product has been redesigned and drafted with clear, concise and modern policy language. Beazley has taken the step to simplify its wording, which includes enhanced pre-claims coverage, expanded side A coverage, broad foreign exposure coverage and streamlined exclusionary language.

“During the last 12 months, our claims and underwriting teams carried out an extensive review of all the existing coverages available across the market and reimagined how our offering could be expanded," says Wayne Imrie, head of London market wholesale executive risks at Beazley. “The product of this work is Beazley Boardroom Protect 2023."

“This is what our broker partners and clients have asked of us," says Jeremie Saada, head of U.S. executive risk at Beazley. “Our bold, market-leading D&O policies bring confidence and certainty, and we are proud to build on this with our reimagined, simplified solution for our brokers and clients."

COVERAGE DETAILS: Enhancements include simplified policy exclusions; optional reporting of investigations, inquiries, security holder demands and books and records demands; removal of “Inquiry Coverage Date;" and a broad definition of “Inquiry."

Side A expansion includes a $250,000 additional aggregate limit for independent directors; a $250,000 mitigation costs aggregate sublimit; a $50,000 per person and $250,000 aggregate limit for foreign accommodation costs; fines and penalties coverage up to full policy limit; and corporate taxes that the insured persons are liable for coverage up to the full policy limit.

Limits up to $25 million are available.

UNDERWRITING: If companies are up to date with their public filings, underwriting is streamlined by relying on publicly filed documents filed by the insured organization with the Securities and Exchange Commission 12 months before inception.

TARGET: Publicly traded businesses of all sizes across all industry verticals.

COVERAGE AVAILABILITY: Beazley Boardroom Protect is currently available on a surplus lines basis. A wider rollout on admitted paper is expected in early 2024.

CONTACT: Wayne Imrie, head of London market wholesale executive risks, Beazley; Jeremie Saada, head of U.S. executive risk, Beazley.

Will Jones is IA editor-in-chief.