Ironclad



IRONCLAD™: SIDE A DIC

Give your Commercial Insurance clients the most comprehensive protection for their directors and officers.

Corporate governance is evolving at a rapid pace. Increased disclosure, communication, audit requirements and litigation are exposing board members to considerably more legal and financial risk—and in many cases, their personal assets are at stake.

RSA’s Ironclad™ is a cutting-edge, comprehensive SIDE A DIC insurance policy designed to bridge the gaps exposed when corporate indemnification is unavailable, when underlying D&O policies are exhausted or not applicable, and when the personal assets of directors and officers are at risk.

Ironclad™ is a broad, unique policy, separate from the underlying D&O coverage, that is dedicated to the individual—not the corporation—and only covers non-indemnifiable losses.

Ironclad™ has two distinct purposes*:

  1. It provides excess cover on top of the underlying D&O polices.
  2. It provides broader coverage than the underlying D&O policies, dropping down to fill gaps that underlying D&O policies do not cover for individual directors and officers.
Download the product brochure here *Unfortunately, we are unable to quote any Ironclad policies if RSA already participates in any of the underlying layers

Need help explaining the benefits of Ironclad™
to your clients?

This five-minute video breaks it all down for you.

If the loss is non-indemnifiable and the underlying:

  • D&O insurance does not cover the loss
  • limits have been exhausted and no remaining Side A coverage is available
  • insurer rescinds or voids the underlying D&O policy
  • insurer becomes insolvent and is financially unable to indemnify; or
  • insurer is legally unable or refuses to pay because of the insured entities’ insolvency

Directors and officers need insurance that will respond when all else fails.

Risk-managed clients
Directors and officers of large companies with complex risk exposure can benefit from one of the broadest and most comprehensive Side A DIC policies available.

Small to mid-sized clients
Many small or mid-sized Commercial Insurance clients may not recognize the need for this coverage. Brokers can add real value to client relationships by helping them understand the complexities of Side A DIC and how Ironclad™ can protect the personal assets of their directors and officers.

Ironclad™ by RSA offers directors and officers:

  • Coverage certainty: A fully severable, non-rescindable, non-cancellable policy (other than nonpayment of premium)
  • Flexible reporting: Numerous extended reporting period options (many at no charge) and flexible claims notifications
  • Dedicated limit of liability: Guaranteed minimum two reinstatements of the limit of liability, with an option for more

Our goal is to make it easy for you to offer your clients the best coverage available. With Ironclad™, your clients will have the confidence to attract top-level talent, knowing they’re protected by:

The most comprehensive coverage
With Ironclad™, the policy will be triggered by a number of different scenarios and cover a variety of losses.

Flexible claims notice
A claim should be reported as soon as practicable, but time only starts running once it comes to the attention of senior individuals listed on the policy.

Quick response time
Ironclad™ responds to pay directors’ and officers’ defence costs if the underlying insurer fails to pay within 45 days of a request for any reason.

Coverage certainty
We will never rescind Ironclad™—even if board members are found to have acted criminally.

Extended reporting periods
Your client has up to six years to report a claim, regardless of whether:

  • the company changes hands
  • the company becomes insolvent (provided the policy is not replaced)
  • directors or officers cease to serve due to wrongful acts occurring before the end of the policy period (provided the policy is not replaced)

Only one exclusion
The only policy exclusion is for cases of deliberate criminal or fraudulent activities or financial profiting, but RSA will not use this exclusion to deny cover for defence costs, claims against independent directors, employment-related claims nor certain securities misrepresentations.

A minimum of two reinstatements
Directors and officers can rest assured that their policy limit will be reinstated at least twice for new, unrelated claims if the original limit is exhausted before the end of the policy period—with an option for more reinstatements.


News & Insights

Article: The last line of defence
Read more

Article: When commercial insurance becomes personal
Read more


Questions?

We’re here to help answer your questions and walk you through the benefits of Ironclad™ coverage. For more information, contact:

Sarah Gibson
Assistant Vice President, ProFin
[email protected]
647.943.6681

Ryan R. Seager
Senior Underwriter, Executive & Management Liability, ProFin
[email protected]
647 776 8870

Are you a customer? Ironclad™ is offered exclusively through insurance brokers who deal with RSA. To find a broker near you, visit http://www.rsagroup.ca/claims/find-a-broker.

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