The Directors and Officers policy provides financial protection for the management of the company. Reimbursement is provided for defense, settlement or corporate indemnification costs arising from claims as a result of director or officer actual or alleged covered wrongful acts.
AEGIS’ capacity is up to US $35 million on a primary or excess basis.
Utility, energy or related energy companies are eligible insureds.
Cooperatives and public power entities customized broad coverage is available.
Directors and Officers program credits are available for eligible policyholders.
Notice of claim is “as soon as practicable” with no mandatory post-policy reporting window.
Presumptive Indemnification deleted. If a Director or Officer has not been provided indemnification with 60 days, AEGIS will pay without applying the retention.
The Chairman or CEO can delay claim payment preserving limits for future nonindemnifiable loss of the Directors and Officers.
The definition of Application does not include prior applications and only relies on public filings within last 12 months.
Expanded definition of defense costs includes costs incurred by Directors and Officers in connections with SOX and Dodd-Frank compensation repayment.
General Counsel and risk manager are insured.
Non-officer employees covered for securities claims and as Clean Air Act representatives.
The definition of for-profit organization included utility-related outside entities.
The definition of indemnity includes taxes if Directors and Officers are liable due to corporate insolvency.
Sections 11, 12 of 15 securities claims will not be contested.
Securities claims include criminal or administrative proceedings if also made against a Director or Officer.
Subsidiary includes majority-owned joint ventures.
Conduct exclusion only triggered by final non-appealable adjudication in the underlying proceeding.
Prior notice exclusion applies only if not rejected under prior policy.
Entity v insured exclusion does not exclude claims Directors and Officers against other Insureds.
Broad Representations and Severability clauses. Policy is non-rescindable under Insuring Agreement A.
Notice of Circumstances permitted during discovery period.
Policy may only be canceled for non-payment.
Defense cost advanced within 90 days.