Providing market leading features in this cover
Liberty Specialty Markets has released an updated Offering of Securities (OSI) policy wording in the Australian market.
The refreshed OSI wording harmonises language with Liberty’s D&O (02-22) wording, including two market leading features:
- Defence Select claims condition which, if selected, provides the insured the right to appoint any law firm of choice, at their market rates, to conduct the defence and settlement of a covered claim. If Defence Select is not taken up, the policy provides access to a selection of panel law firms comprised of experienced defence lawyers that the insured may appoint.
- The Liberty policy also provides, as standard, common costs allocation language. This claims condition specifies the basis for allocation of partially covered matters or insureds. It clarifies that, where covered defence costs also benefit a matter which is not covered or a non-insured party, the policy will cover all such defence costs.
Liberty is a key lead provider of Offering of Securities insurance and as one of Australia’s largest D&O insurers, purchasing OSI in conjunction with D&O ensures primary and secondary market exposures are seamlessly covered.
Liberty provides a complete set of customised financial lines products – Professional Indemnity, Directors & Officers Liability, Employment Practices Liability, Statutory Liability, Cyber and Crime.
Liberty has one of the largest teams of financial lines underwriters in Australia, and an Australian based claims team with local authority that is experienced in handling complex matters and multinational litigation.
Published by
