Directors’ and Officers’ liability insurance by Ian Youngman

Posted by

By Ian Youngman

Administrators’ and officials’ legal responsibility assurance is among the quickest starting to be parts on this planet assurance marketplace. corporation administrators are dealing with more and more exhausting resonsibilities as shareholders call for larger criteria of company governence. fresh years have obvious extra stringent legislation on environmental legal responsibility and directorial accountability for pollutants is now a world problem. Ian Youngman cuts throughout the jargon and explains the intricacies of this type of hide and the way it pertains to other kinds of coverage. He contains examples of claims, in addition to profiles of insurers specialising during this quarter. He additionally assesses the present and sure destiny prestige of D & O conceal in the entire global markets.

Show description

Read or Download Directors’ and Officers’ liability insurance PDF

Similar insurance books

Data Needs for the State Children's Health Insurance Program

The kingdom kid's medical insurance application (SCHIP) was once verified through Congress to supply medical health insurance to uninsured little ones whose relatives source of revenue used to be too excessive for Medicaid insurance yet too low to permit the relations to procure inner most medical health insurance insurance. The permitting laws for SCHIP, incorporated within the Balanced price range Act of 1997, made to be had to states (and the District of Columbia) virtually $40 billion over a 10-year interval for this software.

Actuarial Theory for Dependent Risks: Measures, Orders and Models

The expanding complexity of coverage and reinsurance items has noticeable a turning out to be curiosity among actuaries within the modelling of based dangers. For effective danger administration, actuaries must be in a position to solution primary questions equivalent to: Is the correlation constitution risky? And, if certain, to what quantity?

Life Insurance Mathematics

From the experiences: "The hugely esteemed 1990 first variation of this booklet now looks in a far improved moment version. the variation among the 1st English versions is completely as a result addition of various routines. the result's a very first-class ebook, balancing preferably among concept and perform.

Additional resources for Directors’ and Officers’ liability insurance

Example text

E. directors must be aware o f the risks and their consequences. The burden o f evidence falls heavily on the prosecu­ tion but the personal liability risk to directors is high. It can only be a matter o f time before there are more such cases in European courts. While, for example, a tightening o f rules on pollution copes with the physical risk, manslaughter charges are a way o f attempting to deal with the human risk. In short, in future directors 34 THE COVER are going to be held more and more accountable for their actions or, indeed, inaction.

For D and Ο the basic problem is that any damage to the business resulting either directly or indirectly from these type o f computer problems could trigger off D and Ο suits. Some insurers have panicked and excluded it from all types o f cover. Thus 1999 may see D and Ο in­ surers seeking to reduce or remove cover, or they may take a san- 42 THE COVER guine attitude on the basis that if problems do occur they will be a few major ones rather than lots o f smaller claims. Whatever happens, the problem will undoubtedly give shareholders and others looking for a way o f claiming a golden opportunity, as if the system crashes then directors will undoubtedly be blamed.

An example would be where a babyfood maker had poisoned hundreds of babies and the company was so badly mauled by the press that the value of the shares fell drastically and extra costs were incurred involving perhaps a complete change o f name. 33 DIRECTORS' AND OFFICERS' LIABILITY INSURANCE Failure to buy and maintain insurance Nowadays, the exclusion o f failure to buy and maintain insurance is rarely used. Schemes offering directors' and officers' liability insur­ ance to those acting as officers for a residents' association for an apartment block still sometimes include it.

Download PDF sample

Rated 4.31 of 5 – based on 32 votes