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Directors & Officers Liability Coverage Guide
Summit Business Media, Jan 2009, Pages: 224
The stakes are high. Directors & Officers liability is a topic of which insurance professionals, risk managers, businessowners, and executives must be well-informed. The focus of Directors & Officers Liability is on D&O liability, the nature of the exposure, common D&O claims, risk management, and insurance coverage.
Directors’ and Officers’ ('D&O') liability insurance is a product that traces its origins to the time of the enactment of the first comprehensive federal securities laws in 1933 and 1934. In its early years, the product was not widely purchased and the core market was essentially limited to public companies. This situation was maintained well into the 1970s.
The so-called 'modern era' of D&O insurance is not much more than twentyfive years old, and the proliferation of the product in the marketplace has been remarkable over that period of time. It is a fair statement to make that today virtually no public corporation foregoes D&O insurance, even if the product is purchased over large self-insured retentions or on a 'Side A only' basis, as we discuss in this book.
Additionally, the product has had increasing penetration in the private company and not-for-profit spheres. While still a somewhat discretionary purchase, more of these companies and not-for-profit associations are coming to appreciate the value of D&O insurance protection for their risk exposures.
We wrote this book primarily for the benefit of the everyday practitioners in the business of D&O insurance - the agents, brokers, wholesalers, program managers, managing general agents, underwriters, claims professionals and even our brother and sister lawyers. Many of the treatises, seminars, conferences and symposia dealing with D&O have unfortunately confined themselves mainly to treatment of public company D&O and securities class action and shareholder derivative litigation. As useful and critical as that may be, these educational endeavors have largely ignored the concerns of those who toil in the private company and not-for-profit insurance sectors.
This work is our attempt to begin to address these 'coverage gaps'. While we have included much material on public company D&O exposures and the nuances particular to the insurance for those companies, we have also given equal weight and dignity to the issues affecting private companies and not-for-profits. Our goal was to make this work useful and relevant to the greatest number of readers without diluting the depth of the content. We believe we have succeeded, but we leave it to our readers to be the final judges.
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