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