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Directors’ and Officers’ liability insurance (Second edition)Ian Youngman
…a well arranged, clearly written book that will answer most, if not all, of the questions that arise.
The Jim Bannister Report
Directors’ and officers’ liability insurance was at one time considered essential only for large public corporations. Now, no public limited company anywhere in the world should be without it. Large private companies, charities, financial institutions, pension funds and all executive directors need to consider the risks. It is a widely held isconception that legal action cannot be taken against individual directors of limited liability companies.
Directors’ and officers’ liability insurance is one of the fastest growing areas in the world insurance market. Company directors are facing increasingly onerous resonsibilities as shareholders demand higher standards of corporate governence. Recent years have seen more stringent laws on environmental liability and directorial responsibility for pollution is now a global concern.
This new edition will answer the questions:
Just what are the personal liability risks facing directors?
How can they protect themselves against the increasing possibility of being sued?
What are the latest developments?
Ian Youngman cuts through the jargon and explains the intricacies of this kind of cover and how it relates to other forms of insurance. He includes examples of claims, as well as profiles of insurers specialising in this area. He also assesses the current and likely future status of D & O cover in all the world markets.
ISBN 1 85573 437 0
ISBN-13: 978 1 85573 437 1
June 1999
256 pages 234 x 156mm hardback
£145.00 / US$245.00 / €175.00
Usually dispatched within 24 hours
About the author
Ian Youngman has worked in insurance for more than twenty years. An Associate of the Chartered Insurance Institute, he helped set up the first directors’ and officers’ liability insurance cover for building societies in the UK. He is a member of the Market Research Society and is currently working as a freelance writer and researcher. He is a regular contributor to the insurance press. Also by Ian Youngman: Competitor Analysis
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Contents
The need
- Who is a director?
- Duties of directors
- Who can bring an action?
- The risk
- Costs
- Crime
The cover
- Introduction
- Wrongful act
- Annual
- Multi year cover
- Multi line basis
- Blanket basis
- Individual
- Entity
- Companies
- Actual reimbursement
- Non executives
- Shadow
- Costs
- Allocation
- Limit of indemnity
- Libel and slander
- Assured versus assured
- Discovery
- Merged company cover
- Prior acts
- Severability
- Property damage
- Seepage and pollution
- Personal guarantees and warranties
- Failure of products
- Failure to buy and maintain insurance
- Corporate manslaughter
- Dishonesty
- Tax
- Main exclusion
- Policy conditions
- Excesses – deductibles
- Claims made basis
- Jurisdiction
- Year 2000
- Options
Links with other insurances
- Introduction
- Employers liability
- Public and product liability
- Professional indemnity
- Environmental liability
- Fidelity
- Libel and slander
- Legal expenses
- Warranty and indemnity
- Multi risk
Variations
- Introduction
- Individual
- Non executive
- Private companies
- Special risks
- Financial institutions
- Insurance industry
- Mortgage industry
- Employment practices
- Entity coverage
- Partnerships
- Excess layer
- Drop down
Pension trustee
- Introduction
- Duties
- Risks
- Similarities to D&O
- Personal liability risk areas
- Claims examples
- Trustees Act
- Trust deed
- Goode Report
- 1995 Pensions Act
- Who can bring an action?
- Legislation
- Run off
- International
- USA
- Future
Non-profit institutions
- Introduction
- Healthcare
- Education
- Charities
- Clubs
- Housing and trade associations
- Government agencies and public utilities
- Future
Environmental
- Introduction
- Accidents
- Liability
- Pollution examples
- Intentions
- Individual liability
- The risk
- Environmental liability cover
- Pollution D & O cover
- Environmental insurance
- USA
- Future
Relationship to company law – UK
- Companies Acts
- Insolvency Act
- Company Directors Disqualification Act
- Financial Services Act
- Environmental protection legislation
- Health and safety
- EU Fifth Directive
- Shareholder remedies
- Cadbury Report
- Data Protection
- Company director duties
- Contingency fees
Relationship to company law – USA
Claims examples – UK
Claims examples – USA
The marketing of D&O liability insurance
- Introduction
- Market research
- Marketing
- Help for insurers
- Database quotes
- Role of the insurance broker
- Special risks
- Niche markets
- Risk management
- Watson Wyatt surveys
- Renewal marketing
- Helpline
- Captives
- Alternative risk transfer
Underwriting
- Introduction
- Underwriting factors
D&O liability insurance in the USA
- Introduction
- History
- Insurance market
- Savings and loans crisis
- Current market
- Market size
- Harris Poll
- The nineties
- Demand
- Watson Wyatt market guide
- Future
D&O liability insurance in the UK
- Introduction
- History
- Insurance market
- Current market
- Market size
- Future
D&O liability insurance in the Europe
- Introduction
- European legal situation
- Insurance in Europe
- Insurers in Europe
- Recent developments
- Austria
- Belgium
- Denmark
- Finland
- France
- Germany
- Ireland
- Italy
- Netherlands
- Norway
- Slovenia
- Spain
- Sweden
- Switzerland
- Other countries
- Future across Europe
D&O liability insurance elsewhere in the world
- Introduction
- Argentina
- Australia
- Brazil
- Canada
- Chile
- Hong Kong
- India
- Indonesia
- Israel
- Japan
- Korea
- Mexico
- New Zealand
- Nigeria
- Singapore
- South Africa
- Venezuela
- Zimbabwe
- General
International covers
- Introduction
- USA – foreign companies
- multinationals
- Bermuda
- Future
Appendix
- Profiles of insurers:
- ACE
- AIG
- AMP
- Chubb
- Cigna
- Executive Risk
- Genesis
- Great American
- Octavian
- PIA
- Reliance
- St Paul
- Royal Sun Alliance
- XL