Course Description:

The seminar is in three major parts. The first is a survey of the law underpinning the responsibilities of directors and officers of corporations (with a brief nod to the newer limited liability company). The introductory section is designed to illuminate the legal need for directors and officers liability insurance.

The second section addresses claims – both as a matter of frequency and severity – by reviewing major surveys in the area to show where purchasers are resistant to understanding of their D&O exposure. This section is designed to help producers educate their clients on the need for D&O and overcome the standard objections to it.

The third section is designed to review the major components of D&O policies, using the Insurance Services Offices’ Management Protection forms as a comparison point. Several features of these policies are pointed out, and the seminar concludes with a discussion of points which many insurers are willing to negotiate, i.e., where a difference from the standard marketplace is available.

 Presenter: Riachard S. Pitts