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There tends to be a mystique surrounding directors’ and officers’ liability insurance, which often results in a disconnect between the product and its end users, creating the risk of a significant expectation gap in the event of a claim. The 12 questions addressed in this guide seek to clear the air:
- What limit am I covered for and how do I know it is the right one for my industry sector?
- Am I covered for the right types of exposures especially with regard to emerging risks?
- What happens to my insurance protection when I leave the company?
- What happens to my insurance protection in the event that the company is acquired by or merges with another company?
- What am I covered (and not covered) for and how do I make a claim under the policy?
- What impact (if any) does the company’s ability and willingness to indemnify me have on my insurance cover?
- How (if at all) might the conduct or knowledge of others with whom I share my limit affect my position?
- When (and subject to what conditions, if any) does the policy allow me to appoint a lawyer of my choice to protect my interests in the event of a claim?
- If the company becomes insolvent, does the cover remain in place and am I covered for the legal representation costs of interview by the liquidators?
- What else should I be worrying about by way of restrictions or limitations on cover?
- With which and how many employees below board level do I share my insurance limit?
- Is any part of the limit of indemnity ring-fenced for me and/or for my fellow board members?