double excess coverage
A provision within directors and officers liability policies covering an
insured director's or officer's work in conjunction with an outside firm, usually
a nonprofit organization. When "outside directorship liability" coverage is
written on a double excess basis, the policy will be required to pay claims
only after: (1) the outside organization's D&O insurer pays the claim and (2)
the outside firm is financially unable to reimburse the director or officer
for the claim. See also
Outside directorship
liability coverage; Triple excess
coverage.
Links for IRMI Online Subscribers Only:
PLI X.E;
D&O Coverage Guide