Directors and Officers
Directors and Officers Liability Insurance (often called D&O ) is liability insurance payable to the directors and officers of a company, or to the organization(s) itself. Most D&O policies will cover damages or defense costs in the event they suffer such losses as a result of a lawsuit for alleged wrongful acts while acting in their capacity as directors and officers for the organization. Such coverage can extend to defense costs arising out of regulatory investigations/trials as well; in fact, often civil and criminal actions are brought against directors/officers simultaneously. It has become closely associated with broader management liability insurance, which covers liabilities of the corporation as well as the personal liabilities for the directors and officers of the corporation.
TARGET RISKS
- Non-Profit Organizations
- Strata/Condo
- Private Companies
- Public Companies
FEATURES TO NOTE
- Minimum Premium $500
- Simple Short-form applications
- Financial Statements are NOT required if organization is less than $25 million in assets and less than $50 million in revenue
- E.P.L. coverage available
COVERAGES
- Claims made policy
- Comprehensive definition of ‘Director' and ‘Officer'
- Comprehensive definition of ‘Company'
- Cover for damages and costs awarded against the Directors or Officers
- Defence Costs will be advanced
- Cover for Costs incurred in Investigations and Disciplinary proceedings
- Cover for Costs incurred in respect of Pollution Defence*
- 12 Months Extended Reporting Period
- 72 Months Run-Off cover for retired Directors and Officers
- Comprehensive Cover for ‘Not for Profit' Outside Directorships
- Cover for Subsidiaries
- Run-off cover for Subsidiaries
- Run-off cover for covered Outside Directorships
- Cover for Liabilities faced by Spouses
- Cover for Liabilities faced by Estates and Legal Representatives
- Aggregate ‘Costs-Inclusive' Limit of Liability