How To Craft Optimal Coverage Wording for Six Critical D&O Policy Provisions

Directors and officers liability insurance is arguably the most complex and challenging line of P&C coverage. Adding to these demands is the fact that both D&O policy wordings and so-called “optimal” coverage approaches are continuously evolving. This webinar provides attendees with state-of-the-art approaches for handling 6 essential D&O policy provisions; those that are the frequent subject of coverage disputes, claim denials, and less-than-complete insurer reimbursement.

May 24, 2011
1:00 p.m. Eastern time

To Purchase

The regular price for non-subscribers is $79 per webinar. However, subscribers and authorized users of IRMI reference services (on either IRMI Online or ReferenceConnect) pay only $9.99 per webinar!

Please select the appropriate option:

• IRMI Online subscribers - Need help? Contact Us
• Subscribers to Sage or ReferenceConnect - Look in "What's New" once you log-in. Call Vertafore Customer Service at (800) 444-4813 if you need assistance signing-in to your ReferenceConnect account.
• Non-subscribers

Webinar-at-a-Glance

Using the expertise developed during his nearly 20 years as an insurance coverage attorney, presenter Michael Rossi, Esq. takes a detailed and practical look at a number of the most decisive D&O coverage issues today.  This webinar will help you successfully navigate the intricacies of the following coverage provisions:

• Definition of “Claim” and/or “Securities Claim”
• Definition of “Loss”
• Conduct Exclusions
• Prior Notice Exclusions
• Allocation Provisions
• Application of Side-B Retentions when the Company Fails/Refuses to Indemnify

First, Mike identifies the gaps and pitfalls that can result when one of these provisions is written in a less-than-ideal fashion. Then, he explains how to avoid such problems and provides step-by-step instructions on how to craft better terms and conditions.

Presenter Mike Rossi is president of Insurance Law Group, a boutique insurance law firm with offices in Los Angeles and London and devotes his practice to serving the interests of policyholders—including risk managers of large Fortune 500 and FTSE 250 companies—as well brokers at several U.S. and U.K. insurance brokerage firms, on property and casualty insurance policy wording issues. Mike has been advising his policyholder and broker clients on D&O wording issues for renewals since the early 1990s, and since the hard market of 2002, he has advised his clients on D&O renewals every month of the year, averaging about four renewals a month.

Who Should Consider Purchasing

Anyone who is faced with the responsibilities of identifying and covering the liability exposures of directors and officers—whether as an agent/broker, underwriter, or risk manager—will benefit from this webinar.

Agents and brokers will obtain the knowledge to deal effectively with some of the more difficult nuances of D&O policy forms. They will also acquire the know-how to assist buyers in sorting through the array of coverage options currently available in the marketplace. Insurance company underwriters will learn what policyholders are thinking with respect to certain aspects of D&O policies to help them design wordings that would be more attractive to current and prospective insureds. Risk managers will gain knowledge of how to work productively with both their agents/brokers and their company’s senior management in creating the broadest possible D&O program for their organization's executives.

Benefits to Your Participation

Attendees will emerge from this webinar with a better understanding of (1) how to avoid common coverage traps associated with these all-important coverage areas and (2) will receive a set of “takeaways” that can be used to steer clear of these pitfalls. Here are some of the key points this webinar will discuss:

• The different “allocation” wordings available in the market, and how they can make a substantial difference in what gets paid at claim time
• The dangers of stand-alone, “in fact” conduct exclusionary wording, and why it must be avoided at all costs
• Why not all “final adjudication” wording is the same
• Why expansive coverage for “investigations” is vital and different ways to draft broad “investigation” coverage
• The significance of the Millennium Partners case and how the definition of “Loss” in a D&O policy needs to be drafted in light of the court’s ruling
• How the prior notice exclusion should be written so as to minimize the extent to which a previous claim or incident notification can limit recovery in the event of a claim
• The “new rules” of configuring the Side B retention provision and how it will apply when the Company fails/refuses to indemnify, even when solvent and even for indemnifiable loss
• The myth that all Illegal Profit/Remuneration exclusions are identical

Continuing Education Credit Information

Attending any three Management Liability Insurance Webinars will satisfy the annual reaccreditation requirement for the MLIS® program. CPCUs attending this webinar will be awarded one (1) CPD (continuing professional development) program point.

This webinar has not been filed for and will not satisfy state insurance CE requirements in any state. It has also not been filed for CLE or CPE credit, but you may be able to self-file after attending the program.