liability insurance policy which the company says is specifically designed for captive insurance companies based on the Island.

CaptivEdge is designed to cover directors and officers, errors and omissions, and employment practices liability.

"Our focus on providing professional liability coverage innovations, as well as our formation of Chubb Atlantic Reinsurance Specialists Ltd. earlier this year, has given us valuable insight into the emerging insurance and reinsurance needs of captive insurers,'' Chubb Atlantic assistant vice president Christine Gomes stated in a press release.

The product was launched as captive insurance companies become increasingly vulnerable to costly litigation.

"At unprecedented levels, aggrieved parties seek legal recourse as a first and most desirable outlet for their frustrations,'' the company stated. "A captive's exposure to litigation increases with its third party writings, since a policyholder is more likely to bring suit if it has little or no voice in the management and strategic direction of a captive.'' Chubb Atlantic, based in Hamilton, is a wholly owned subsidiary of Chubb Corp., a US-based property and casualty insurance company.