Delaware Directors and officers liability insurance
Description
How to fill out Directors And Officers Liability Insurance?
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FAQ
A tail policy covers what would otherwise be a gap in coverage for Ds and Os after the sale of a company. The gap exists because the D&O policy of the acquiring company will typically not respond on behalf of the selling company's Ds and Os for claims that arise post-closing that relate to pre-closing activities.
A true ?extended reporting period? provides tail coverage for situations where the insured or insurer decides to cancel or non-renew coverage (for reasons other than non-payment). Run-off coverage on the other hand provides tail coverage for situations where there is a change in control event, such as an acquisition.
Tail coverage only applies to a claims-made policy. It extends the amount of time a claim can be brought against you and reported. Because it doesn't matter when a claim gets filed with occurrence insurance, as long as the loss occurred during your policy period, tail coverage isn't necessary.
Tail is typically calculated by doubling the expiring premium. Your expiring premium is typically the cost of your policy for the year it was canceled. For example, if a plastic surgeon in California paid $35,000 for their policy this past year, they could expect a tail policy cost of around $70,000.
Side A coverage safeguards the personal assets of directors and officers when indemnification is not available, while Side B and C coverage provide reimbursement to the company and protection against claims related to securities violations or corporate liability.
Directors and officers (D&O) liability insurance protects the personal assets of corporate directors and officers, and their spouses, in the event they are personally sued by employees, vendors, competitors, investors, customers, or other parties, for actual or alleged wrongful acts in managing a company.
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.
Tail coverage is an addition to a claims-made policy. It extends coverage for incidents that happened during the time you had your policy, but a claim was not filed until after your policy expired or was canceled. Tail coverage is another name for an extended reporting period.
