Directors' and Officers' Liability Insurance: A Guide to International Practice

Front Cover
Woodhead Publishing, 1999 - Business & Economics - 232 pages
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Directors' and officers' liability insurance was at one time considered essential only for large public corporations. Now, no public limited company anywhere in the world should be without it. Large private companies, charities, financial institutions, pension funds and all executive directors need to consider the risks. It is a widely held isconception that legal action cannot be taken against individual directors of limited liability companies. Directors' and officers' liability insurance is one of the fastest growing areas in the world insurance market. Company directors are facing increasingly onerous resonsibilities as shareholders demand higher standards of corporate governence. Recent years have seen more stringent laws on environmental liability and directorial responsibility for pollution is now a global concern. This new edition will answer the questions:
  • Just what are the personal liability risks facing directors?
  • How can they protect themselves against the increasing possibility of being sued?
  • What are the latest developments?
Ian Youngman cuts through the jargon and explains the intricacies of this kind of cover and how it relates to other forms of insurance. He includes examples of claims, as well as profiles of insurers specialising in this area. He also assesses the current and likely future status of D & O cover in all the world markets.
 

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Contents

The need
4
The cover
18
Links with other insurances
44
Variations
57
Entity coverage 64 Partnerships 64 Excess layer
65
Pension trustee claims examples 71 Courts
72
Nonprofit institutions
78
Environmental
87
Relationship to company law USA
105
2 Claims examples USA
118
M Marketing of D and 0 liability insurance
124
A D and 0 liability insurance in the USA
144
g Europe
156
Q Elsewhere in the world
184
OH International covers
205
Copyright

Q Relationship to company law
94

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Common terms and phrases

About the author (1999)

Ian Youngman has worked in insurance for more than twenty years. An Associate of the Chartered Insurance Institute, he helped set up the first directors' and officers' liability insurance cover for building societies in the UK. He is a member of the Market Research Society and is currently working as a freelance writer and researcher. He is a regular contributor to the insurance press. Also by Ian Youngman: Competitor Analysis

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