Directors should review and consider their D&O insurance carefully from the outset. We have a 10 questions checklist to assist directors to undertake this review in relation to his/her D&O insurance coverage.
|1.||Do I have a copy of the company deed of indemnity?|
|2.||Do I have a copy of the directors and officers liability insurance policy wording (D&O policy)?|
|3.||Am I listed (by name or role) as an insured under the D&O policy?|
|4.||What risks, errors and claims does the D&O policy cover me for?|
|5.||Does the policy cover me for the period of time I need it to cover me?|
|6.||Are the policy limits ($A) appropriate?|
|7.||Is the D&O policy the right product for me (e.g. is the relevant company publically listed, private, not for profit)?|
|8.||What are the common extensions to policy coverage and are there any needs specific to my industry or circumstances that should be specifically addressed in my D&O coverage?|
|9.||Are there any exclusions that I am not comfortable with?|
|10.||What should I do when there is a claim?|
You will see from the questions above D&O insurance policies are particularly complex. Every company is different. Every director is different. You should consider obtaining independent legal advice about your D&O policy and the coverage it provides you..
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