Navigators Pro Introduces IDL InNAVation Coverage for Independent Directors.Business Editors NEW YORK--(BUSINESS WIRE)--April 14, 2003 Navigators Pro, a division of Navigators Management Company, a subsidiary of The Navigators Group, Inc., (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :NAVG NAVG Navigation ) today introduced the IDL (1) (Interface Definition Language) A language used to describe the interface to a routine or function. For example, objects in the CORBA distributed object environment are defined by an IDL, which describes the services performed by the object and how the data InNAVation(SM) coverage endorsement to its traditional primary directors and officers (D&O) liability policy. IDL InNAVation(SM) increases security and certainty to independent directors (including audit committee members) under their D&O coverage by providing enhanced protection from a policy rescission. In a litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. environment experiencing more frequent and severe securities class action lawsuits, independent directors can potentially be exposed to significant personal liability if the insurer rescinds their D&O coverage. IDL InNAVation(SM) is designed to respond to this exposure. The IDL InNAVation(SM) endorsement is underwritten by Navigators Insurance Company and NIC (1) (Network Interface Card) See network adapter. See also InterNIC. (2) (New Internet Computer) An earlier Linux-based computer from The New Internet Computer Company (NICC), Palo Alto, CA. Insurance Company, which are both rated "A" (Excellent) by A.M. Best. Chris Duca, President of Navigators Pro, stated, "Independent directors are gatekeepers of the integrity of a corporation's financial controls and good corporate governance Corporate Governance The relationship between all the stakeholders in a company. This includes the shareholders, directors, and management of a company, as defined by the corporate charter, bylaws, formal policy, and rule of law. . Since the passage of the Sarbanes-Oxley Act, independent directors face new exposures and greater regulatory and investor scrutiny." Mr. Duca added, "IDL InNAVation(SM) provides the innocent independent directors with the peace of mind that if they fully execute their duties as an independent director and the corporation fully implements and adopts its corporate governance and regulatory requirements, the wrongful acts of others will not void a covered loss under their D&O policy." The IDL InNAVation(SM) endorsement to the primary Navigators Pro D&O policy protects independent directors for covered loss alleging civil violations of the Securities Act of 1933, the Securities Exchange Act of 1934, the Sarbanes-Oxley Act of 2002, including any similar state securities laws, and administrative actions brought by the Securities and Exchange Commission or any similar state regulatory agency state regulatory agency A state body responsible for establishing professional standards, and for certifying professionals or organizations through appropriate documentation . Coverage is not rescindable or voidable That which is not absolutely void, but may be avoided. In contracts, voidable is a term typically used with respect to a contract that is valid and binding unless avoided or declared void by a party to the contract who is legitimately exercising a power to avoid the to the independent director provided the independent director fully executes his duties as an independent director and the corporation fully implements and adopts the Sarbanes-Oxley Act of 2002, the SEC regulations, and its respective exchange/self-regulatory organization's (SRO's) corporate governance requirements. Coverage for securities claims is limited to insured persons and provides for a pre-set allocation for covered loss for securities claims made against the corporation and insured persons. The IDL InNAVation(SM) is limited to qualified risks. The endorsement is subject to Navigators Pro's underwriting evaluation and an additional premium. Please consult your insurance broker and review the policy for coverage limitations, restrictions, exclusions, terms and conditions. The Navigators Group is an international insurance holding company with insurance company operations, underwriting management companies, and operations at Lloyd's of London Not to be confused with Lloyds Bank or Lloyd's Register. Lloyd's of London is a British insurance market. It serves as a meeting place where multiple financial backers or “members”, whether individuals (traditionally known as . Headquartered in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , Navigators has offices in major insurance centers in the United States and the United Kingdom. This press release may contain "forward looking statements" as defined in the Private Securities Litigation Act of 1995. We cannot assure that results which we anticipate will be achieved, since results may differ materially because of known and unknown risks and uncertainties which we face. Please refer to Navigators' most recent Forms 10-K and 10-Q for a description of Navigators' business and the important factors which may affect that business. The information contained in this press release speaks only as of the date hereof and Navigators undertakes no obligation to publicly update or revise any forward-looking statement or any other information in this press release. |
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