Executive Risk (D&O)
Often called D&O, this is insurance that is payable to the organization or the directors and officers of an organization, as indemnification (reimbursement) for losses suffered by an insured as a result of a legal action brought against the directors and/or officers for alleged wrongful acts. Coverage may extend to defense cost from criminal and regulatory investigations and trails. Intentional illegal acts are not typically covered.
3 key clauses in a traditional D&O policy
- Provides coverage to individual directors and officers when not indemnified by the organization
- Provides coverage to the organization when it indemnifies the directors and officers
- Provides coverage to the organization itself for claims brought against it
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