Nebraska Ratification and approval of directors and officers insurance indemnity fund with copy of agreement
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How to fill out Ratification And Approval Of Directors And Officers Insurance Indemnity Fund With Copy Of Agreement?
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FAQ
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.
Coverage to Dependents NE Statute 44-1614 Dependent insurance may not exceed 50% of the amount of insurance for which the employee is insured.
Indemnification, also referred to as indemnity, is an undertaking by one party (the indemnifying party) to compensate the other party (the indemnified party) for certain costs and expenses, typically stemming from third-party claims.
Indemnification Agreement to secure against loss or damage; to give security for the reimbursement of a person in case of an anticipated loss falling upon him. Also to make good; to compensate; to make reimbursement to one of a loss already incurred by him.
Indemnification refers to the right to have a company reimburse current or former directors or officers for all losses, including legal fees, incurred in connection with litigation arising from actions taken in service to the company or at the company's direction.
It shall be unlawful for any insurance company, association or society, or for any officer, manager, agent, or other representative thereof, to include in the sum charged or designated in any policy as the consideration for insurance, any fee, compensation, charge, or perquisite whatsoever, not specified in the policy.
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.
A company may, however, lend money to a director to fund the director's defence costs. Frequently, an indemnity will include a provision under which the company agrees to lend the director the amounts necessary to fund the director's defence costs.