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double excess coverage

A provision within directors and officers (D&O) 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


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