Directors and Officers Liability Coverage Options:
Acquisitions
Worldwide Coverage
Applies to claims made and wrongful acts occurring anywhere in the world
Foreign Parent Corporation Coverage Extension
Claims include
- Written demands for monetary or non-monetary relief
- Civil or Criminal proceeding
- Formal administrative or regulatory proceeding
- Arbitration or mediation or similar alternative dispute resolution proceedings
- Written request to toll or waive statute of limitations
Loss includes
- Punitive damages
- Excess benefit transaction
- Multiplied damages
No Exclusions for
- Failure to maintain insurance
- Anti-Trust
- Insured person v insured person claims
- Patent, copyright infringement
- Securities laws violations
Defense Coverage includes
- Allegations against the insured for gaining a profit for which the insured is not legally entitled
- Allegations against dishonesty/fraud
- Non-monetary and breach of contract claims
- Allegations or violations of ADA
- Full prior acts
- Coverage for personal injury and publisher’s liability
- Order of payments- protecting personal assets first
- Non-entity employment practices Liability
- All exclusions are severable with respect to Insured Persons
Defense Option
Option to select Duty to Defend or Reimbursement coverage
Duty to Defend
100% pre-determined allocation of Defense Expenses for claims against any insured consisting of loss that is and is not covered by policy
Additional Defense Coverage
Options to select additional defense Limit of Liability
Outside Directorship Liability Coverage (ODL)
Automatic coverage for insured persons who serve as a director, officer, trustee, etc or functional equivalent for a Section 501(c)(3) organization
Ability to schedule service on boards of for-profit organizations
Flexible Limit of Options
- Choice of individual or shared limits of liability
- Option to select annual reinstatement of limit of liability
Extended Reporting Period
Bi-lateral extended reporting period option available if insurer or named insured cancels or fails to renew
Run off extended reporting period option available for a pre-determined premium upon change of control of named insured
Ability to report potential claims during extended reporting period or run off extended reporting period.
Non-Cancelable by Insurer
Amended settlement provision
Provides named insured with coverage for 70% of loss in excess of Settlement offer rejected by named insured.
Retentions
Retention is waived if there is a finding of no liability
Only one retention must be satisfied when one claim triggers coverage under two or more liability coverage
Representations
Severability of insured persons with respect to the representations made in application
Only knowledge and representations of signer of application are imputed to the insured organization
Duties in the event of a claim
Only triggered by knowledge of an executive officer