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.

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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.

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