DCLI captures first policy

DCLI Underwriters has issued its first policy under its new program, Defendant’s Commercial Litigation Indemnity (DCLI), president Pierre Gregoire recently told Canadian Underwriter. DCLI insures pending litigation that is either uninsured or underinsured.

“In this case, the litigation was totally uninsured,” says Gregoire. “The issuance of the policy ultimately allowed the creditors of a particular organization to withdraw the balance of fund ensuring to their benefit and that of the plaintiff. The premium was in excess of $100,000 which is the minimum premium under the program. For obvious reasons, DCLI policies are issued with relative secrecy.” Gregoire adds the program – launched in 1998 and distributed through the broker network – currently has eleven other cases under consideration.