Montana Ratification and approval of directors and officers insurance indemnity fund with copy of agreement
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FAQ
A D&O policy protects a director or officer's assets and reimburses them for settlements and legal expenses resulting from such litigation and cases. The purpose of professional indemnity insurance is to protect professionals against claims resulting from mistakes or omissions they have made.
Errors and omissions insurance and professional indemnity insurance are different names for the same type of insurance. It's an insurance that protects your business from the cost of compensation claims when a client believes you've been negligent or made a mistake in your work.
Insurance ? The indemnification agreement typically will require that the company provide D&O liability insurance that protects the indemnitee to the same extent as the most favorably insured of the company's and its affiliates' current directors and officers.
Professional liability insurance is another name for professional indemnity insurance.
D&O insurance specifically covers members on a board of directors and officers. Professional liability insurance, on the other hand, covers professionals (of nearly any position within a company) that offer specialized services.
Indemnification is a legal agreement by one party to hold another party blameless ? not liable ? for potential losses or damages. It is similar to a liability waiver but is usually more specific, applicable only to particular items, circumstances, or situations, or in regard to a particular contract.
A director and officer indemnification agreement is a contract that allows executives to protect themselves from claims made against them while performing job. Indemnification means that in the event a lawsuit is filed against a company, the indemnified party is "held harmless" from claims.
Directors and Officers insurance (D&O insurance) provides coverage for a company and its management, protecting them from claims arising from their decisions and actions.
