Directors Liability Sample Format India
Description
How to fill out Directors And Officers Liability Insurance?
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FAQ
A prime example is a shareholder class-action lawsuit alleging that 3Com, U.S. Robotics, and their directors and officers misrepresented facts regarding the acquisition of U.S. Robotics both before and after the acquisition took place. The case resulted in a $259 million settlement.
D&O Insurance also known as directors and officers liability insurance protects designated employees like managers, directors, officers, etc. from legal liabilities arising. This coverage applies to situations where these employees may cause harm to clients, violate employment practices, etc.
D&O insurance works by reimbursing defense costs, settlements, and awards resulting from claims made by shareholders, third parties, or regulators for alleged wrongful acts. It also extends coverage to the company itself if it faces litigation.
Directors and officers at a company failed to disclose material facts and provided inaccurate and misleading information to their investors. It was alleged that the materials did not disclose the high turnover of management and that the company's website had not yet been developed. The company later went bankrupt.
There are various forms of D&O policies, and all are uniquely crafted to fit the organization and the particular risks they face. Questions will arise such as whether the individual directors should be covered (Side A) or only your company should be covered (Side B), or both.
