…insurance coverage for Foreign Corrupt Practices Act investigations.
FCPA Corporate Response was developed by Marsh’s financial and professional liability practice and provides cost of investigation coverage for individuals and the organization, the New York-based brokerage said in a statement.
The coverage is triggered when an anti-corruption investigation is launched under the FCPA as well as foreign regulations, such as the U.K. Bribery Act. It is available to companies of all sizes that conduct business globally, Marsh said.
“Responding to investigations launched under the (FCPA) and other anti-bribery statutes can require organizations to dedicate significant time and expense, including legal, accounting, auditing and consulting costs,” Jack Flug, managing director in Marsh’s FINPRO practice, said in the statement. “Loss mitigation strategies, strong compliance and due diligence are often not enough to address the FCPA risk to organizations and their directors, officers and employees.”
While directors and officers liability insurance may cover individuals during an FCPA investigation, it does not cover the organization itself, Marsh said.
The insurer underwriting the policy was not disclosed.
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