Directors & Officers Insurance Policy Coverages

Acts commonly covered

  • Personal Liability of Company Directors & Officers as individuals (current, future and past)
  • Reimbursement of the insured company in case it has paid a claim to a third party on behalf of the companies managers in order to protect them
  • Listed stock companies can also obtain cover for claims against the company itself for a wrongful act in connection with the trading of its securities
  • Any breach of fiduciary duty, errors, reporting errors, omissions (except Professional Liability), misleading and wrongful statements, inaccurate or inadequate disclosures, misrepresentation in a prospectus;
  • Any act in the capacity of Director or Officer;
  • Any act in the capacity of Director or Officer of an Outside Entity;
  • Any employment Practice Violation & Human Resources issues
  • Shareholder actions
  • Decisions exceeding the authority granted to a company officer
  • Failure to comply with regulations or laws

Policy for D&O can cover

  • Defence costs
  • Costs under the court decision or amicable agreement
  • Damage to reputation, regulatory crisis response costs, emergency costs (subject to the type of extensions applied)

D&O coverage can also include

  • Inclusion of directors and officers of subsidiary.
  • No deductible in cases of non-identifiable loss.
  • Advance deposits against legal fees.
  • Agreed upon panel of legal consultants

Typical Exclusions

  • Fraudulent or criminal acts
  • Intentional non-compliant acts
  • Illegal remuneration or personal profit
  • Property damage and bodily harm (except corporate manslaughter)
  • Claims made under a previous policy
  • Claims covered by other insurance

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