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Liability insurance for the errors, omissions, and other wrongful acts of directors and officers has been available since the early 1960’s. Since that time, the increase in public awareness and expectations, and the more litigious nature of society, has resulted in a virtual explosion of litigation against corporate managers as well as judicial analysis of the conduct and standards applicable to Directors & Officers. The result is that Directors & Officers are frequently being “second guessed” by the courts. Therefore, it is important to be prepared with the proper insurance coverage.
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DIRECTORS AND OFFICERS INSURANCE
Directors and Officers Liability Insurance provides financial protection for the directors and officers of a company in the event they are sued in conjunction with the performance of their duties as they relate to the company. Think of Directors and Officers Insurance as a management Errors and Omissions policy.
Directors & Officers Liability Insurance can usually include Employment Practices Liability and sometimes Fiduciary Liability. The former involves harassment and discrimination suits, and is where the majority of exposure will be.
Directors and Officers Insurance is often confused with Errors & Omissions Liability. The two are not synonymous; Errors & Omissions is concerned with performance failures and negligence with respect to products and services, not the performance and duties of management. Generally, it is a good idea to carry both Directors and Officers Liability Insurance and Errors and Omissions Liability Insurance.
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The content displayed on this website is for informational purposes only and is not an offer of insurance. The purpose of the provided information is to assist in the general understanding of available coverage and does not modify the terms and conditions of any insurance policy, nor does it imply that any claim is covered. Coverage is subject to underwriting approval and the referenced coverage on this website may not be available in all territories and may vary depending on exposure. Coverage is also subject to minimum premiums that may vary by state.
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Who Needs Directors and Officers Liability Insurance?