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Director’s and Officer’s Liability Insurance: An Overview
Director’s and Officer’s Liability Insurance: An Overview
The world is moving from acknowledged risks to the veiled or unknown, almost unimaginable, risks. Some absolutely unforeseen and unprecedented events have recently occurred leading to totally unanticipated losses. When, Lloyd’s of London introduced coverage for corporate directors and officers, in the wake of the depression of 1930, directors and officers did not perceive a great risk, and the insurance did not sell. Unlike, in recent years, directors and officers liability insurance has become a core component of corporate insurance. As many as 95% of Fortune 500 companies maintain directors and officers (“D&O”) liability insurance today.
Furthermore, it has become a commonplace of the financial world that disappointed investors will charge corporations and their officers and directors with securities fraud whenever a company’s stock drops significantly in price. In India D & O policies are modeled on the UK pattern. The covers are for the Directors and Officers and not for the company. At its most basic, D&O insurance protects directors and officers from liability arising from actions connected to their corporate positions. Due to general expansion in the industry, market pressures and the industry’s responses to the development of case law, D&O insurance has expanded beyond its original and basic coverage. Such D&O policies are common overseas. Romania was the first country in the European Union (EU) to make D&O insurance compulsory for all corporations. There are number of risks that can be covered under the D & O policy,
These include the following:
- Indemnity to D & O for the claim and/or defence costs;
- Cover for the insured who is guilty or alleged guilty of a wrongful act such as breach of duty or trust, neglect, error misleading statement or omission
- Cover for damages, judgments, settlements, defence costs; and,
- Advances for the costs if the company has not indemnified the insurer
- Coverage of innocent directors from claims arising out of the acts of dishonest directors.
The exclusions are the following:
- Any loss resulting from fraud or dishonesty, fines, penalties, punitive or exemplary damages;
- Litigations started before the inception of the policy;
- Any claim based on circumstances notified in the previous policy.
Unlike professional indemnity, the D & O policy in addition to covering civil claims, also provides indemnity for costs incurred in criminal trials provided the insured is not found guilty. The policy is a combination of indemnity for third party liability a s well as indemnity for the defence costs. Apart from financial and corporate mismanagement lawsuits which do require insurance protection, environmental, health and safety responsibilities are also becoming increasingly stringent. In India today, companies can even take D & O policies against pollution claims, if caused by accident.
These policies already available from the general insurance companies are not very well known and are not sold on a large scale. Another reason is that many companies, corporate transparency and governance standards are still not fully met. Insurance companies therefore shy away from providing this type of cover. However now that these concepts are being promoted more aggressively by the industries themselves and their bodies, there is an increasing scope for marketing such policies. But until now, D&O liability insurance coverage
has remained low in India, largely because there have been very few claims filed against directors and officers. But ever since the Satyam scandal, the demand for D&O policies has risen as eminent people have refused to join the board of companies which have no or inadequate D&O cover.
Case Laws
- In Re National Bank of Wales, Ltd., (1899) 2 Ch 629
Directors are not liable for alt their mistakes but only for negligence which is in a business sense culpable or gross. Nor is a director liable for untrue representations made to the share-holders it he honestly believed the representations to be true and had at the time reasonable grounds for his belief.
- In re City Equitable Fire Insurance Company (1925) 1 Ch.D. 407 at 522 observes at page 434:
…an act or omission to do an act is willful, whether the person of whom he was speaking knows that he is doing and intends to do what he is doing : But if that act or omission amounts to a breach of duty and therefore to negligence, is the person guilty of willful negligence? In my opinion, that question must be answered in the negative unless he knows that he is committing and intends to commit a breach of his duty or is recklessly careless in the sense whether his act or omission is or is not a breach of duty.
- Govind v. Rangnath A.I.R. 1930 Bom. 572,
While examining a case of the directors’ liability for compensation for recklessly sanctioning acts of agents or managing agents, in a proceeding taken under Section 235 of the Companies Act, 1913, pointed out that although no doubt the liability of a director for damages for delinquency depends more or less on the particular circumstances of each particular case, and also the memorandum of association of the company, yet apart from this, where the directors have been willfully shutting their eyes to the acts of the agents or managing agents, and recklessly sanctioning acts of such agents consciously and thereby aiding misfeasance, misappropriation and falsification of balance-sheets and the state of affairs continues over a series of years, the directors are guilty of willful misconduct and are liable to pay compensation.
- Voluntary Hospitals of America, Inc. v. National Union Fire Ins. Co., 859 F. Supp. 260 (N.D. Tex. 1993), aff’d 24 F.3d 239 (5th Cir. 1994)
Where a lawsuit is brought with the “active assistance” of an insured, the exclusion bars coverage.
- Harad v. Aetna Cas. And Sur. Co., 839 F.2d 979 (3d Cir. 1988).
As a general matter, D&O policies do not provide coverage for liability associated with the provision of professional services. Thus, where a bank officer is liable for acts as a banker rather than an officer of the bank, a D&O policy with professional liability exclusion would not provide coverage. Similarly, where a doctor is the president of a professional corporation, the D&O policy would only protect him or her against liability from acts as president of the corporation, and would not provide coverage for professional malpractice claims. The line between professional services and acts outside the scope of this exclusion can be a fine one. Courts often draw a distinction between those acts that require special training or are at the heart of the profession and those acts that are administrative in nature.
- In Re Minoco Group of Companies, Ltd., 799 F.2d 517 (9th Cir. 1986)).
If the policy and its proceeds are property of the estate, the insured may need bankruptcy court approval to obtain proceeds from the insurer.
- In re Pintlar Corp., 205 B.R. 945
A claim brought pursuant to a liquidation plan is barred by exclusion.
CONCLUSION
Directors’ and Officers’ (“D & O”) insurance is increasingly of key importance in the boardroom and is becoming almost a necessity both for individual directors and for the companies which are required to indemnify them in the event of a claim or allegation being made.
“The larger the organization and the wealthier the board members, the greater the need for D & O insurance.”
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Corrections and clarifications
The following corrections and clarifications have been published by USA TODAY.
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Renters Insurance NYC
Renters Insurance NYC
Schmutter Strull Fleisch Inc. – New York, NY
Where should I go for the Best Renter’S Insurance coverage in NYC-Queens area?
I am looking to get renter’s insurance but there are many choices. I know very little about choosing an insurance company or what I should be looking for. Any and all advice would be greatly appreciated.
try www.rent-direct.com
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Apartment Insurance
Feasible And Fair Apartment Insurance Rates For Renters
The apartment insurance rates that you are offered will be based on the company that you choose and on the estimated values of the items that you list on your inventory. When you are ready for some insurance quotes that will help you to make a great choice regarding your budget and protection, you will want to have this list completely tallied. You should also be ready to answer questions about the type of dwelling that you are renting and the region or area that you renting in. You may want to see about damage, theft, and flood insurance rates on storage areas that you may use.
Your currently landlord most likely only carries structure insurance on the property that you are renting,. You will need to be informed in this case about apartment insurance rates and Renters Insurance Costs so that you can begin to protect yourself right away. Most incidents and disasters happen when they are least expected and least prepared for, so you should keep your own protection in mind at all times. The apartment insurance rates that you are quoted will be based on the inventory list that you create, as well as on the company that you choose and regional factors.
You may feel that you could benefit from apartment or renters flood insurance on your rental home or on a storage area that you use. You should keep in mind that most flood insurance policies are completely separate from the standard damage, loss, and theft policy that you are seeking. The terms, coverage, and payout options that you will have under a flood policy will be restricted to that type of damage only. Be sure that you understand all that you are getting when you decide to sign this contract. The apartment insurance rates that you receive through your chosen company will also have their own caps, limitations, and regulations.
Understanding the contract that you are entering into is key to a successful and binding renters insurance policy. You will want to choose a company who will explain anything to you that you don’t understand or that looks foreign to what you requested or discussed. Because you are the one paying for and benefiting from the policy, you need to understand and agree to everything offered and restricted within the document that binds. You should gain several good faith quotes before you adhere to any one renters insurance policy.
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RentersInsurance.net provides US consumers with the opportunity to shop online for apartment rental insurance. Visit RentersInsurance.net to find the best insurance quotes.
How do i find out the property insurance carrier for our apartment complex?
How do i find out the property insurance carrier for our apartment complex?
http://businessandfinance.cn/health-insurance.html
http://businessandfinance.cn/health-insurance.html
http://businessandfinance.cn/health-insurance.html
Speak with the propery manager or landlord. If you are in a situation where they do not want to give you this information, you could go down to your proper records department (usually downtown), and look up the deed in the local records. Also, you can ask the people working in the county clerks office where that information is stored.
Apartment Insurance NYC
Houses Insurance Questions & Answers
Can I find out who my house insurance is near as i’ve forgotten?
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They broke and stole some items and did lots of damage, Well, you’d better hope that you have it on a dwelling fire policy, and not a true homeowners policy, or they’re going to cancel you, because…
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Me & my husband are buying a house and found out today that if you have a bankruptcy that this affects you premium costs. So, I be wondering if my dad could put the insurance in his name and account me & my husband…
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I would need strong wind and flood coverage. A company call Pure Insurance writes policies for homes in coastal areas in New York. Might be worth checking out. Source(s): http://www.purehnw.com Right. Flood is ONLY…
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My house just foreclosed and now the mortgage insurance company (not the bank) sent me a constraint letter asking me to pay for the negative amount. They said they paid the bank for the not as much as and now I have to discharge…
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A friend of mine is looking to buy a house and the pricethey think is higher than it is appraised for. They are trying to bring the price the owner is asking lowered. Does buying the house at the higher price than appraised for…
Canadian title insurance put somebody through the mill: I bought an elder house, and the subterranean vault floods every spring.?
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Can’t capture strength insurance- here go the house. Crazy or what?
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80,000 $ per year enough to keep your boat afloat?
i get 80k a year
with healthcare, pension? (watev that is) disablitity insurance and SS covered.
would that be enough to love in a nice apartment just out of NYC? and have nice clothes, spare $$ etc?
you can make it on what you make, it just depends on how extravagantly you live . . . 80k is pretty good though
The death of an American Hospital Avenue when I walk past St. Vincent's Hospital in Greenwich Village on the 7th, it seems in the midst of death. They are , specifying the Emergency Room Marquee, whose red neon was a beacon for the elderly and newborn babies, AIDS victims, accident cases, the poor sick, uninsured, and every day.
Apartment Insurance NY
Apartment Insurance NY
The Apartment (1960) / 1
We’re thinking of moving?
I recently married my long-time boyfriend of many years who just came back from serving two years in Iraq. We’re living together in NY renting out a decent apartment. His friend, who is a Sergeant in the Army, is moving and transfering bases to Virginia. My husband and I were there and we fell in love with the state. It’s cleaner, people are nicer, expenses are cheaper, schools are better, overall it’s a better place. We eventually plan on having kids and we’re looking out for our kids’ best interest. His friend just bought an apartment in Chester, VA. It seems like a nice place but I know there has to better places. Can anyone suggest a site where I can read more. We’re looking for a city with a low crime rate, happy people, good school, and cheap livings (rent, insurance, expenses). Any suggestions or ideas??
Go to the yahoo real estate section, type in chester, VA, and see what houses cost. …it will give you a ballpark idea of what houses cost. …nothing beats visiting, however.
Cheap Car Insurance in NYC
How cheap your car insurance in NYC, or any other place, depends on many factors: your driving record, Your age, and sometimes even your gender! But do not despair – you can get cheap car insurance in NYC.
Is there anything really "cheap" in NYC?
Yes, despite the high-priced apartments, and strings of expensive boutiques, there are cheap merchandise in NYC – and we're not talking about the fake Rolex watches sold by the guy on the corner. Believe it or not, you can cheap car insurance in NYC, too – much more valuable investment.
What if I already have a car insurance policy here in NYC?
Good for you! But the chances are you could probably cheaper car insurance than you already have, or find a way to cheaper your current car insurance.
Car insurance cheaper car insurance premiums tend to the driver and vehicle owner, the steps to take their cars to offer as safe as possible. This means that anti-lock brakes, childproof locks, airbags for all passengers and automatic safety belts. Park your car in a well lit room or a garage, if you do not use in your car can not secure, such as adding an anti-theft device.
If your vehicle does not currently have one of these functions, add it! Then, with your car insurance agent about NYC Lower to speak your premiums.
Who should I talk about getting cheaper car insurance in NYC?
Give the New York State Department of Insurance a call, or visit their website. The NYS Department of Insurance will help you to Department of Motor Vehicle insurance codes and provide you with company contact. They will also provide information on insurance regulation No Fault. These are good pieces of information when you search New York's database of car insurance providers in NYC.
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Cheap Car Insurance in NYC