Understanding Director Liability

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The coverage provided by D&O insurance is widely misunderstood. Simply having a policy is unacceptable. This week’s episode of Executive Insights video is lengthy (30 minutes) but very worthwhile. Carl Metzger, a Litigation Partner at Goodwin Procter, and Rob Spofford, an independent D&O broker, describe what triggers director liability.

It isn’t always a lawsuit. We review the claims process, covering notice obligation, the appointment of counsel, indemnification and retention and deductible clauses. A director need not be an insurance expert but should definitely be aware of the components of coverage that impact their board service.

Takeaways from this week’s episode:

• All D&O policies are not the same.
• Do they pay for defense and eventual liability?
• The company’s goals and the board’s may differ
• You need an independent broker and legal counsel
• When does the risk to a director begin?

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