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directors and officers insurance
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In July 2008, bankruptcy courts across the US prepared themselves for a busy season. As many as 5,664 companies sought to liquidate or restructure that month alone, a 57% increase from the prior year. This Note looks behind the shield of D&O insurance and examines its treatment under the Bankruptcy Code. Part I provides an overview of the duties of directors and officers of a corporation, as well as the protections they receive under the business judgment rule and indemnification contracts. Part II explains the three different "sides" of D&O insurance policies. Part III discusses basic bankruptcy concepts including directors' and officers' duties in bankruptcy, automatic stay, and property of the estate provisions of the Code, as well as the treatment of contracts in bankruptcy....
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The market is favorable for D&O and EPLI buyers right now, "but we think the price decreases may be slowing - we're get- ting close to a bottom," said Erin Trendler, assistant vice president for the insurer CNA. "We have been seeing, and I expect our com- petitors have been seeing, an uptick in the frequency of claims in some areas, and the severity of others." She said it's unlikely the insurance industry can keep bringing prices down while claims rise. [...] it's no surprise that this devastating recession has focused attention on directors and officers insurance, which protects the personal wealth of company leaders who get named in lawsuits, and employment practices litigation insurance, which covers the company in the event of lawsuits from disgruntled ex-employees. When the C...
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(D&O) provides financial protection for the directors and/or officers of both public and privately held companies against suits filed against them in conjunction with the performance of their duties as they relate to the company. D&O insurance is usually written on a claims-made basis, meaning that coverage applies to a covered claim regardless of when the act or omission giving rise to the claim occurred, as long as the claim is made during the policy period. Most D&O policies do not impose a duty to defend on the insurer but do provide coverage for defense costs. However, the insurance company does have the right to associate with the defense and approve defense strategies, expenditures and settlements.
