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Your company’s board of directors and officers face liability risks every day. The 2002 Sarbanes Oxley Act, which protects shareholders, is expected to increase the number of lawsuits against companies. New penalties for the corporate board for securities fraud violation involving accounting irregularities and financial fraud are now being enforced.

Directors and Officers Liability insurance protects individual directors and officers from personal liability and financial loss due to wrongful acts committed as corporate officers and/or directors. Because of recent public scandals, directors are unknowingly exposed to greater personal risk than ever before.

Directors and Officers (D & O) insurance can protect you from:

  • Employee Action, like discrimination, sexual harassment, and wrongful termination
  • Customer claims of improper debt collection and deceptive trade practices
  • Competitors filing federal anti-trust statutes
  • Lender or Creditor lawsuits
  • Government anti-trust, fraud, tax, and civil rights litigation.

Questions to Ask About Your Directors and Officers Coverage

  • Is the policy non-cancelable, except for non-payment of the premium?
  • What amount of coverage is provided for attorneys fees, settlements and, judgments?
  • Is multiple year pricing available? How else can premium pricing be protected?
  • Is automatic coverage available for newly acquired or created organizations, with no additional premium?
  • Can you pre-select your defense attorney?
  • Can you get coverage for non-officer employees named in a covered suit with officers and/or directors?
  • How long a period of time is allowed for the extended reporting period (discovery clause).
    12 months is a good time frame.
  • Are outside directorships covered,as in chambers and non-profits?
  • What's your protection with bankruptcies and Chapter 11filings?


Be sure to have your lawyer review the D&O policy application forms before submitting them. Your Strategic advisor can make other suggestions to protect your firm and its officers.

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