Wyoming Directors and officers liability insurance
Description
How to fill out Directors And Officers Liability Insurance?
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FAQ
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.
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.
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.
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.
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.
Is directors' and officers' insurance the same as a fidelity bond? No, they are not the same thing. D&O insurance will cover claims made against directors and officers of a company for acts such as neglect, breach of trust, making misleading statements or breach of duty.
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.
