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Public Directors and Officers Liability coverage offering extended coverage for investigations of individual insureds, global liberalization provisions and personal reputation protection.

Features & Benefits

  • Indemnification Uncertainty Eliminated - Early advancement of defence costs for individuals where the company fails to indemnify for any reason

  • Investigations Involving Individuals - Early and broad coverage including informal “inquiries” and targeted investigations

  • Severability - Reassures individuals that their coverage cannot be jeopardized by the behaviour of others

  • Settlement Control - Gives insured the ability to effect a settlement which is within the retention without the insurer’s consent

  • Foreign Jurisdictions - Ensures the most favourable terms and conditions from local AIG policies are applied to claims in foreign jurisdictions

  • Specialized Claims Support - In-house D&O claims unit dedicated to managing claims brought against organizations and their management

  • Coverage for Pre-Approved Public Relations Firms - Available to manage communications surrounding a covered crisis event

Coverage

  • Entity Coverage - Goes beyond Securities Claims to include:
    • Violations of Canadian environmental laws (provided an executive is a co-defendant) 
    • Cost of investigating derivative demands and actions (no retention, $250k sublimit) 
    • Costs of seeking dismissal of derivative suits (no sublimit) - Oppression Actions
       
  • Pollution Coverage - Individual and entity cover (provided an executive is a co-defendant) for loss (other than clean-up costs) arising from claims (including administrative or regulatory proceedings) alleging violation of Canadian environmental laws

  • Privacy Violation - Individuals covered for a violation of a person’s right of privacy in employment or securities claims; company covered in securities claims

  • Loss - Coverage much broader than defence costs and judgments or settlements, including:
    • Statutory liabilities- coverage not just for statutory taxes owing by Executives but for any unpaid non-indemnified statutory liabilities assessed against Executives in a “Statutory Claim”
    • Civil penalties assessed against individuals under foreign corrupt practices legislation
    • Costs incurred by individuals detained, imprisoned or extradited due to their business activities, even absent a claim 
    • Crisis firm costs for Executive to mitigate personal reputational damage of negative press ($100,000 per executive/$500,000 aggregate sublimit)
    • Costs incurred by CEO or CFO to facilitate repayment of compensation due to restatement under Sarbanes- Oxley Act
    • Costs of Executives to oppose enforcement attempts to seize personal assets or property ($50,000 per executive/$250,000 aggregate sublimit)
    • E-Discovery- first $25,000 incurred in Securities Claim subject to no retention