Director’s & Officers
A company’s directors, managers, and administrators, carry a significant responsibility in their conduct, and in particular, in the trust placed in them.
Whereas as doctors, lawyers, and architects are accountable to their customers, a company’s director’s and officers are accountable to their shareholders. They can be held liable for breaches of their fiduciary and statuary duties.
Directors and Officers liability insurance (D&O) is liability insurance that covers the directors and officers of the company against lawsuits alleging a breach of fiduciary duty. A company pays for this coverage so executives can serve confidently as leaders of their organization without fear of personal financial loss.
Cover usually includes:
Side A: Covers directors and officers when the company refuses to or is unable to provide indemnification. This is most commonly seen in cases of bankruptcy.
Side B: Covers companies that make the decision to indemnify their directors and officers. The D&O policy, in this case, will reimburse the company for defense and other related costs
Side C: Covers the company itself. If the company is being sued for financial mismanagement, the D&O policy will provide coverage
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