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Brexit Peace of Mind for CorporateGuard D&O Policyholders

28.11.2016

Brexit

The UK referendum vote to leave the EU has created real uncertainty for directors working abroad:  whether they are UK directors posted to or working in EU countries - or EU nationals who are based here. 

While the final outcome of treaty negotiations – commonly known as ‘Brexit’ - will be unknown for some time, there are particular question marks around possible residency and repatriation issues and some expats in the UK are already seeking permanent residency to secure their right to remain.

Our role is to mitigate uncertainty, and so we are constantly innovating to remove fear of the future for our clients. In response to these concerns, an addition to our CorporateGuard D&O policy will now cover costs for legal challenges in the event of permanent residency applications being rejected pre-Brexit and the subsequent challenges to repatriation orders post Brexit. 

Watch AIG's Mark Fellows & Stephanie Manson discuss our new Brexit cover and our commitment to our clients peace of mind.

“At AIG, we are committed to innovating for our clients to support them during periods of uncertainty. While the outcome of the discussions between the UK and the EU are unknown, this addition to existing contracts will give our clients peace of mind during a period of potential change.”

Anthony Baldwin, CEO, UK and AIG Europe Limited

Executives who are EU citizens covered by the policy, and whose applications for permanent residency in the UK are rejected prior to the termination of the UK membership of the EU, will have their legal costs met to challenge the decision. In addition the policy will also cover legal costs for UK nationals if their application for permanent residency of a member state of the EU is rejected.

The new addition will also cover legal costs for executives living in the UK and EU to contest a repatriation order resulting from termination of the UK’s membership in the EU. Should the legal challenge to the repatriation order be unsuccessful, the policy will then cover reasonable relocation costs of repatriation, including moving expenses, travel fees and unpaid school fees, for the executives and their direct family members.

These Brexit cover additions will be available to all existing CorporateGuard D&O policies at renewal, at no extra cost to all new CorporateGuard D&O policies at inception.

Our Legal Partner Dechert LLP also offers a one hour consultation at no additional cost to AIG UK CorporateGuard clients regarding Brexit. You can read more here.

And to find out more about how Brexit could affect both D&O and trade credit, read our special report in conjunction with StrategicRISK…