Does Your Corporate D&O Policy Cover You After You Retire?
Does your corporate D&O policy cover you after you retire? Really? For how long? In a recent New Jersey case, Schoon v. Troy Corp., two directors of were sued for breaching their fiduciary duty. One of the directors named in the suit had retired from the company a year or two before the suit was brought. Subsequent to the suit being filed, the board had negated the bylaw extending insurance coverage to directors who had left the company. By-laws... [Read More...]
Insurance Risk Management Consulting : Food for Thought
Whether your business is small or large, public or otherwise, the purchase of insurance has become extremely complex. The issues surrounding business survival in the event of loss can be nearly insurmountable even with a comprehensive insurance program in place. Keep in mind that insurance does not cover it all, nor is it meant to. So how then do you protect your company and save money? Step #1: First, an assessment of a business’s true needs... [Read More...]
Director’s and Officers Liability Coverage Part Six
As you may have gathered by now, you’ll want to shop around, and negotiate your coverage – insurance carriers and underwriters want your business. Keep that in mind and know that everything is negotiable. As you can see, there are many issues to be considered when buying protection for officers and board members. There are many more coverage concerns in addition to the ones mentioned above that should be addressed as well. It is in the... [Read More...]