Directors' and Officers' Liability Insurance: A Guide to International Practice, Second Edition
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Summary
In our increasingly litigious society, no company can afford to be without directors' and officers' liability insurance. To the author, whose involvement with this form of liability insurance dates from its earliest introduction, the rapid growth in demand comes as no surprise. The current rule seems to be: If you can't sue the person you thought responsible, keep on filing suits until you hit a target.
Directors' and Officers' Liability Insurance scrutinizes new legal developments and case law, new insurers and challenges in ownership, and new types of policy and marketing methods. Each chapter is constructed as a separate module for ease of use and practicality. The author provides the views and experiences of specialist practitioners together with detailed case studies. He also illustrates the links between other forms of insurance and their relationship with international company law.
A well designed liability policy will go a long way in managing the potential liabilities that directors' and officers' face as they deliver their services to their clients. Directors' and Officers' Liability Insurance provides a comprehensive source of information useful to brokers and other professionals worldwide. This book is a necessity for any broker who has dealings with major companies, and for underwriters of companies moving into this sector.
Features
Table of Contents
The Need
Who is a Director?
Duties of Directors
Who can Bring an Action?
The Risk
Costs
Crime
The Cover
Wrongful Act
Annual Basis
Multi-Year Basis
Multi-Line Covers
Blanket Basis
Individuals
Entity
Companies
Actual Reimbursement
Non-Executive Directors
Shadow Directors
Costs
Allocation
Limit of Indemnity
Libel and Slander
Assured Versus Assured
Discovery
Merged Company Cover
Prior Acts
Severability
Property Damage
Seepage and Pollution
Personal Guarantees and Warranties
Failure of Products
Failure to Buy and Maintain Insurance
Corporate Manslaughter
Dishonesty
Tax
Main Exclusions
Policy Conditions
Excesses (Deductibles)
Claims Made Basis
Jurisdiction
Year 2000
Options
Links With Other Insurances
Employees Liability
Public and Private Liability
Professional Indemnity
Libel and Slander
Legal Expenses
Environmental Liability
Fidelity
Warranty and Indemnity
Multi-Risk Policies
Variations
Individuals
Non-Executives
Private Companies
Special Risks
Financial Institutions
Insurance Industry
Mortgage Industry
Employee Practices
Entity Coverage
Partnerships
Excess Layer
Drop Down
Pension Trustee
Duties
Risks
Similarities to D and O
Personal Liability Risk Areas
Pension Trustee Claims Examples
Courts
Trustee Act 1925
Trust Deed
Goode Report 1994
Insurance Protection
Pensions Act 1995
Who Can Bring Action?
Run Off Cover
International Cover
USA
The Future
Non-Profit Institutions
Healthcare
Education
Charities
Clubs
Housing and Trade Associations
Government Agencies and Public Utilities
The Future
Environmental
Accidents
Liability
Pollution Examples
Intentions
Individual Liability
The Risk
Environmental Liability Cover
D and O Pollution Cover
Environmental Insurances
USA
The Future
Relationship to Company Law - UK
Companies Acts
Insolvency Act 1986
Company Directors Disqualification Act 1986
Financial Services Act 1986
Environmental Protection Legislation
Health and Safety
EU Fifth Directive
Cadbury Report
Shareholder Remedies
Data Protection
Woolf Report
Company Directors' Duties
Contingency Fees
Relationship to Company Law - USA
International Law
Claims Examples - UK
Claims Examples - USA
Claims Examples - Australasia
Australia
New Zealand
The Marketing of D & O Liability Insurance
Market Research
Marketing
Help From Insurers
Database Quotes
Role of the Insurance Broker
Special Risks
Niche Marketing
Risk Management
Watson Wyatt Surveys
Renewal Marketing
Helplines
Captives
Alternative Risk Transfer
Underwriting
Underwriting Factors
D & O Liability Insurance in the USA
History
D and O Liability Insurance Market
Savings and Loan Crisis
Current Market
Market Size
Harris Polls
The 1990s
Demand
Watson Wyatt Market Guide
The Future
D & O Liability Insurance in the UK
History
D and O Liability Insurance Market
Current Market
Market Size
The Future
Europe
European Legal Situation
D and O Liability Insurance in Europe
D and O Insurers in Europe
Recent Developments
Austria
Belgium
Denmark
Finland
France
Germany
Ireland
Italy
The Netherlands
Norway
Slovenia
Spain
Sweden
Switzerland
Other Countries
Future Across Europe
Elsewhere in the World
Argentina
Australia
Brazil
Canada
Chile
Hong Kong
India
Indonesia
Israel
Japan
Korea
Mexico
New Zealand
Nigeria
Singapore
South Africa
Venezuela
Zimbabwe
General Picture
International Covers
USA-Foreign Companies
Joint Ventures
Multinationals
Bermuda
The Future
Appendix - Profiles of Insurers
ACE
AIG
AMP
Chubb
Cigna
Executive Risk
Genesis
Great American
Octavian
PIA
Reliance
Royal Sun Alliance
St. Paul
XL Insurance
