Directors’ and Officers’ liability insurance by Ian Youngman

By Ian Youngman

Administrators’ and officials’ legal responsibility coverage is likely one of the quickest transforming into components on the planet coverage industry. corporation administrators are dealing with more and more laborious resonsibilities as shareholders call for better criteria of company governence. contemporary years have visible extra stringent legislation on environmental legal responsibility and directorial accountability for pollutants is now an international crisis. Ian Youngman cuts during the jargon and explains the intricacies of this type of conceal and the way it pertains to other kinds of assurance. He contains examples of claims, in addition to profiles of insurers specialising during this sector. He additionally assesses the present and certain destiny prestige of D & O disguise in the entire international markets.

Show description

Read Online or Download Directors’ and Officers’ liability insurance PDF

Best insurance books

Life Insurance Risk Management Essentials

The purpose of the booklet is to supply an outline of hazard administration in lifestyles insurance firms. the point of interest is twofold: (1) to supply a vast view of the various issues wanted for possibility administration and (2) to supply the required instruments and strategies to concretely follow them in perform. a lot emphasis has been positioned into the presentation of the booklet in order that it offers the speculation in an easy yet sound demeanour.

Versicherungsmathematik

(Zu Versicherungsmathematik eleven. ) In diesem "höheren" Band der Versicherungsmathematik haben wir uns durch geeignete Stoffauswahl vor allem das Ziel gesteckt, die Ver­ sicherungsmathematiker davon zu überzeugen, daß wichtige technische Probleme der Versicherungspraxis nur durch Verwendung der \Vahr­ scheinlichkeitstheorie und Resultate aus der mathematischen Statistik gelöst werden können.

Financial Risk and Derivatives: A Special Issue of the Geneva Papers on Risk and Insurance Theory

Monetary possibility and Derivatives presents a good representation of the hyperlinks that experience built lately among the speculation of finance on one hand and coverage economics and actuarial technology at the different. Advances in contingent claims research and advancements within the educational and sensible literature facing the administration of monetary hazards replicate the shut relationships among coverage and concepts in finance.

Extra resources for Directors’ and Officers’ liability insurance

Example text

The complex nature of many cases means that experts such as accountants, tax experts, private detectives, analysts, actuaries and international law specialists may need to be employed. It is not only in court that substantial costs can accumulate. Costs of representation at non-court proceedings, such as official enquiries or liquidation proceedings, are high. 16 THE NEED Crime With or without D and Ο insurance, criminal offences where a con­ viction is obtained are not insurable. The criminal liability o f direc­ tors and officers is rarely clear cut and depends on the individual circumstances.

Claims m a d e basis Liability policies are offered on either a 'claims made' or 'claims occur­ ring' basis. There has been a switch from the latter to the former for many liability covers. 'Claims occurring' means that the policy covers all claims arising out o f the policy period. 'Claims made' is where claims are reported and made during the policy year. This may seem to be a trivial difference but that is far from the case. I f we have a policy arranged from 1 January 1998 to 31 December 1 9 9 8 , on a claims occurring basis, if a claim arises out o f an action taken in July 1998 it does not matter whether the claim is made in 1999, or 2 0 0 0 .

The one-off policy requires masses o f information on which to base a premium and tailored policy wording. The basic cover applies to warranties and indemnities with an indemnity limit. LINKS WITH OTHER INSURANCES Some feel that these covers are not needed if the director and company selling or raising the capital has a D and Ο policy. The three contractual liability areas o f warranties, indemnity for taxation due and indemnity to sponsor may be covered by some D and Ο policies. Prospectus liability will usually be within a D and Ο policy but the proposed sale or placing must first be revealed to underwriters at renewal.

Download PDF sample

Rated 4.78 of 5 – based on 14 votes