Sarah Carr
Managing Director, Bowring Marsh (Bermuda) Ltd.
Bermuda SAFe is a new excess Side A form that leverages the coverage and claims paying reputation of Chubb Bermuda’s market leading CODA Premier Lead Side A DIC policy. With a first of its kind claims enhancement, it is issued with the highest level of efficiency and accuracy, resulting in a more streamlined placement process with predictable claims handling.
From the beginning of coverage, clients will benefit from a simplified excess Side A coverage form that follows all CODA terms and conditions with no non-concurrencies.
Contract certainty and efficiency is achieved by utilizing a slip style document which is executed by the carrier at the time of Quote and Bind, providing complete documentation at each stage, as well as the final policy at time of bind. Excess carriers agree to follow Chubb’s affirmative coverage position, enabling streamlined claims handling with limited exceptions. Should Chubb decline a claim, the excess market retain the right to make an independent coverage decision. Should all markets decline the claim, the excess carriers also agree to be bound by any arbitration decision resulting from a coverage dispute with Chubb.
SAFe is a new Bermuda excess Side A form that cedes claims control to Chubb Bermuda CODA, whenever Chubb Bermuda is the Lead Side A DIC carrier.
There is a streamlined one page Policy Form and everything is follow form to CODA – even Sanctions. Carriers have agreed to follow CODA’s claims decision. This means if CODA says the claim is covered, than the SAFe markets agree to the same, unless:
In the event that all carriers decline the claim, clients only enter the arbitration with CODA and carriers agree to be bound by that arbitration decision.
There are no excluded classes contemplated by the form since underwriting is made on a deal by deal basis by each carrier. The typical client profile reflects the overall Bermuda portfolio whereby majority of clients are Fortune 500.
Marsh Bermuda in conjunction with Marsh FINPRO US have developed a first of its kind option for enhanced excess Side A capacity leveraging the Chubb Bermuda CODA product and reputation. Issued with the highest level of efficiency and accuracy, this results in a streamlined placement process and predictable claims handling.
Managing Director, Bowring Marsh (Bermuda) Ltd.
Senior Client Advisor, D&O Liability