D&O Coverage: Are you protected?
Recently, there have been several news reports on workplace disputes involving radio and television celebrities being involved in scandals. The impending backlash on the organizations that these employees work for can be disastrous. These reports have prompted organizations to revisit and amend their own insurance policies to include items such as Directors & Officers (D&O) coverage.
Vicki Baulk, a Commercial Account Executive with Cowan Insurance Group, says this type of coverage is usually an afterthought.
“Corporations typically don’t think of purchasing D&O coverage until a lawsuit arises, or coverage is a requirement of a stakeholder, perhaps a new investor, or an external board candidate who has dealt with a situation in the past. Once we help a corporation understand the exposures they may face, the decision to purchase D&O coverage becomes obvious,” Vicki says. “Currently, capacity in the marketplace is high, and insurance is available at premium levels, which have steadily decreased over the past decade, making it more affordable for purchasers.
Vicki also reminds us that a D&O policy continually evolves as needs change. “We are able to offer clients expanded coverages and narrowing exclusions. In addition, a D&O policy can now provide protection for not only board issues, but also employment related activities, fiduciary responsibilities, and some regulatory expenses.”
Insurance Business recently spoke with Vicki about D&O coverage in light of CTV actor Jean Paul (J.P) Manoux being charged with voyeurism. Click here to read the Insurance Business article.