Directors and Officers Liability
Our team of experienced underwriters has extensive knowledge in risk assessment and prides itself on delivering customized and innovative insurance solutions.
Directors and Officers Liability provides “pay on behalf of” language for non-indemnifiable and indemnifiable director and officer losses and losses arising from securities claims against the company. Catlin accepts submissions for both financial institutions and commercial accounts.
Product Highlights
- Claim is defined as demands for monetary and non-monetary relief; civil or criminal proceedings for monetary and non-monetary relief against directors and officers and/or the entity; administrative or regulatory proceedings for monetary or non-monetary relief against directors and officers when commenced by receipt of a notice of charges; and civil, criminal, administrative or regulatory investigations of directors and officers.
- There is no stipulation of counsel by Insurer – Insured selects counsel.
- The personal profit/fraud exclusion is severable with respect to the directors and officers only. Wrongful acts of the CEO, CFO, in-house General Counsel, President, or the Chairman of the Board are imputed to the company.
- The definition of company includes a debtor in possession.
- Punitive damages are covered where insurable except for employment-related claims. Insurer shall not challenge determination of insurability.
- Application is severable with respect to the directors and officers. Any knowledge of the CEO, CFO, in-house General Counsel, President, or the Chairman of the Board is imputed to the company.
- Insured vs. Insured exclusion does not apply to: claims by any directors or officers who have not served with, been employed by or provided consultation to the company for at least 5 years prior to date of claim; claims by receivers, conservators, liquidators, trustees, examiners or rehabilitators; wrongful termination, discrimination, and harassment claims brought by officers who are not directors.
Limits
- Up to $10,000,000.
Program Parameters
- Primary and excess coverage available.
- Employment Practices and Fiduciary Liability available on a blended basis with D&O.
- Product offerings are underwritten through the following companies: Catlin Specialty Insurance Company, Catlin Insurance Company, Catlin UK, Catlin Bermuda, and the Catlin Syndicate. All companies have been assigned a Best rating of “A”(Excellent) XIII.
Contact
Catherine Cossu | 212-801-3412 |
catherine.cossu@catlin.com
Cecilia Chang | 212-801-3418 |
cecilia.chang@catlin.com