What is Covered by D&O Insurance - What is Not?

Bank management should have concerns over what protection is provided by their Directors and Officers Liability insurance policies. Board members and executives are typically dependent on their insurance agent or underwriter to provide the details of the insurance coverage. However, some insurance agents may not be aware of all of the terms, conditions and coverage available for their client bank.

This session not only addresses the coverage provided by these unique insurance policies, but it also covers the enhancements that some insurers are willing to provide - if the institution’s insurance agent knows to ask for them. Compounding this hurdle, underwriters may not volunteer the full extent of enhancements that their company could provide.

Covered Topics:

  • Basic coverage description provided by the Directors and Officers Liability policies.
  • Discussion of the effects on coverage from the policy definitions and exclusions.
  • Details of the Terms and Conditions of these polices and what impact they have on the coverage provided.
  • The importance of the protection of the officers and directors personal assets.
  • Non-profit board membership.
  • Extended coverage for Spouses, Domestic Partners, Estates and Legal Representatives.
  • The potential disastrous effects of a "Failure to Maintain Insurance Exclusion".
  • The impact of a "Hammer Clause".
  • What are the implications of the "Allocation" condition in the typical policy.
  • The value of an excess "Broad Form Side A Directors and Officers Liability Policy".

Who Should Attend?

Board Members, President, Chief Executive Officer, Chief Financial Officer, Employed Legal Counsel, Risk Management Officer, and Head of the Risk Management Committee