|Chartis Introduces Investigation EdgeSM, Insurance Coverage for SEC Investigations|
NEW YORK – March 2, 2011 – Chartis today introduced Investigation EdgeSM, developed by its Executive Liability Division as the first insurance solution to cover company costs arising from SEC investigations, including those related to internal investigations.
Investigation Edge covers legal expenses, discovery costs and insurable settlements resulting from investigations by enforcement authorities – including the SEC and the Department of Justice – into insider trading, restatements, accounting fraud and reporting violations. Coverage is also available via endorsements for investigations into Foreign Corrupt Practices Act violations and derivative investigations.
Following the credit crisis and subsequent uncertainty caused by financial reform legislation, securities law enforcement has become a top priority for the SEC and related governmental agencies. This has taken the form of activities such as proposed SEC staff increases, whistleblower incentives in the Dodd-Frank Act and greater global enforcement collaboration, all of which signal a new level of investigative intensity. As a result, publicly traded companies face a higher likelihood of becoming the target of costly multi-front securities investigations than ever before.
“Our brokers and insureds have asked for an insurance solution to address the growing concerns about the cost of SEC and related investigations,” said Michael Smith, President of Executive Liability. “Regardless of the effort to avoid wrongdoing, when issues arise, the costs from the ensuing government investigation can be staggering, irrespective of the outcome. We designed Investigation Edge to specifically address this growing exposure.”
For more information about Investigation Edge, please send an e-mail to firstname.lastname@example.org or visit www.chartisinsurance.com.
Chartis is a world leading property-casualty and general insurance organization serving more than 45 million clients in over 160 countries and jurisdictions. With a 90-year history, one of the industry’s most extensive ranges of products and services, deep claims expertise and excellent financial strength, Chartis enables its commercial and personal insurance clients alike to manage virtually any risk with confidence.