District of Columbia Directors and officers liability insurance
Description
How to fill out Directors And Officers Liability Insurance?
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FAQ
So, although there is no statutory requirement to have D&O Insurance, not having this type of cover leaves officers and directors exposed to potentially costly legal claims.
Directors' and officers' liability insurance ? also known as D&O insurance ? covers the cost of compensation claims made against your business's directors and key managers (officers) for alleged wrongful acts.
D&O insurance reimburses the defense costs incurred by board members, managers, and employees in defending against claims made by shareholders or third parties for alleged wrongdoing. D&O insurance also covers monetary damages, settlements, and awards resulting from such claims.
Any organization governed by a board of directors, from non-profits to commercial enterprises, needs comprehensive D&O coverage, as the individuals who serve are increasingly held accountable for their actions and/or inactions.
However, D&O is a product designed to protect the personal assets of company directors and officers in the event they were sued while acting in their capacity as a director or officer. Management liability protects the company as well as its directors and officers against legal liabilities and statutory obligations.
D&O insurance can help protect against potential claims, including: Disgruntled shareholder suits. Alleged financial misstatements or misleading statements about the company's revenue sources/market share. Failure to perform appropriate due diligence when making an acquisition.
Further, officers and directors who participate in or authorize the commission of wrongful acts that are prohibited by statute, even if the acts are done on behalf of the corporation, may be held personally liable. Officers and directors may also be liable to the corporation or its shareholders.
