Breaking Down the Mystery of D&O Insurance: Key Features, Practical Tips, & New COVID-19 Implications
Created on May 19, 2020
D&O insurance is widely held by almost every public corporation, as well as by many private and not-for-profit corporations. It is not well understood by lawyers and differs significantly from more familiar policies such as commercial general liability (CGL) insurance and property coverage. Despite being broadly written as a type of all-risk policy, it excludes the core coverage of a CGL policy – bodily injury, damage to tangible property, and sometimes personal injury torts.
This lecture, presented by Weber Gallagher's partner Joseph Monteleone, will focus on the key features of the D&O policy and practical suggestions as to working with the insurers in the defense and resolution of claims under the policy. Recent developments in important case law from New York, New Jersey, and other key jurisdictions will also be discussed, along with general updates in D&O insurance. Lastly, Mr. Monteleone will also discuss COVID-19 implications for D&O insurance.
- Identify the basic insuring agreements under the policy
- Comprehend the absence of a duty to defend and defense costs included within limits of liability
- Grasp Side A-only forms and corporate indemnification issues
- Gain familiarity with the concept of Notice of Circumstances – need for specificity
- Examine bankruptcy implications
- Explore settlement issues
- Review recent developments in relevant case law
- Discuss key contested exclusions and other issues such as war and terrorism, bump-up, and coverage for appraisal actions
- Identify the developing implications arising from the COVID-19 pandemic
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