Directors should review and consider their D&O insurance carefully from the outset. We have a 10 questions checklist to assist directors to undertake this review in relation to his/her D&O insurance coverage.
| 1. | Do I have a copy of the company deed of indemnity? | |
| 2. | Do I have a copy of the directors and officers liability insurance policy wording (D&O policy)? | |
| 3. | Am I listed (by name or role) as an insured under the D&O policy? | |
| 4. | What risks, errors and claims does the D&O policy cover me for? | |
| 5. | Does the policy cover me for the period of time I need it to cover me? | |
| 6. | Are the policy limits ($A) appropriate? | |
| 7. | Is the D&O policy the right product for me (e.g. is the relevant company publically listed, private, not for profit)? | |
| 8. | What are the common extensions to policy coverage and are there any needs specific to my industry or circumstances that should be specifically addressed in my D&O coverage? | |
| 9. | Are there any exclusions that I am not comfortable with? | |
| 10. | What should I do when there is a claim? |
You will see from the questions above D&O insurance policies are particularly complex. Every company is different. Every director is different. You should consider obtaining independent legal advice about your D&O policy and the coverage it provides you..
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