Directors & Officers Liability

• printable version

US $35 million in limits available.

No pollution or nuclear exclusion.

Claim includes civil, criminal, formal administrative or regulatory proceedings, arbitration and non-monetary damages.

Single application for all new and renewal AEGIS directors and officers products.

Coverage for limited liability companies and limited partnerships.

Coverage for foreign equivalent directors or officers positions.

Automatic coverage for lawful spouse or domestic partner.

Policy is non-rescindable to both Side A and Side B insuring agreements for directors and officers who did not know facts that were not truthfully and accurately disclosed in application.

Only knowledge of the CEO, president, COO, CFO or in-house general counsel shall be imputed to insured organization for corporate reimbursement coverage.

Settlement of claim – insurer’s consent will not be unreasonably withheld.

Exemplary, punitive and multiple damages coverage where insurable by law and most favorable venue language.

Express severability granted.

Notice of claim as soon as practicable after general counsel or risk manager learns of the claim.

Narrow insured vs. insured exclusion.

Coverage written on claims-first-made basis. Coverage triggered whenever “claim” made against insured, or “notice of circumstances” or notice of formal proceeding given to AEGIS, whichever is earlier.

No retention for Side A claims. No retention if insured organization in bankruptcy.

Investigative expense costs covered for regulatory and criminal investigations and for independent committee investigations resulting from shareholder derivative demands, subject to a US $250,000 sublimit.

Coverage granted for cross-claims for contribution or indemnity between directors and officers.

Limited automatic coverage for newly formed or acquired subsidiaries.

Automatic coverage for certain not-for-profit organizations.

Priority of payments clause provides payments to directors and officers before payments to insured organization.

Claims brought by bankruptcy trustees not excluded.

Corporate entity coverage available for securities claims.

New York law applies, except for punitive damages, where most favorable venue applicable.

Pre- and post-judgment interest included.

Worldwide coverage.

Claims payment available in US or foreign currency.

For US members, AEGIS policies will be issued on a surplus line basis. For Canadian members, AEGIS policies will be issued on a Canadian licensed basis through AEGIS Canada^TM.

Following Form Excess Directors and Officers coverage also available.