Willis unveils new program to eradicate indemnification uncertainties in D&O

Thursday, 26th May 2011

FINEX Global, part of insurance broker Willis Group, has unveiled a new program to eliminate the indemnification uncertainties in Directors & Officers insurance (D&O), called DARCSTAR ( Directors' All Risk Cover).

The program developed by Willis' financial, executive risk and professional liability business in association with a panel of insurers led by Allianz, QBE and XL.
Willis said the DARCSTAR cuts through the complexities of traditional D&O cover to advance all directors' costs in the event of an allocation dispute.

D&O cover is on a broad 'all risks' basis and the risk is covered unless excluded, which is different to conventional D&O policies that list several pages of insured perils.
The system also includes a guarantee feature from the insurers that they will not seek recovery from the policyholder for indemnifiable loss.

Francis Kean, the developer of the program, said by removing the complexities of indemnifiable and non-indemnifiable loss, DARCSTAR is the most significant shift in D&O coverage for many years.