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    3. Checklist of Issues to Review for Directors' and Officers' Insurance»

    Checklist of Issues to Review for Directors' and Officers' Insurance

    AllBusiness Editors
    LegalLegacy

    Following is a checklist of key issues for a business to review in analyzing the terms and conditions of a Directors' and Officers' Insurance policy.

    • Is the dollar amount of the coverage sufficient?
    • Is the insurer financially strong?
    • Are the premium payments competitive?
    • Is the deductible too large?
    • Does the policy cover all directors and officers or do they have to be specifically named? Does the policy also cover the corporate entity?
    • When can the insured terminate or not renew coverage?
    • Are legal fees covered? Does the insurer promise to advance the costs of legal fees in the event of a claim or merely reimburse for out of pocket costs?
    • When must claims be made?
    • Does the insured have a good history of paying claims (especially important with this type of insurance)?
    • Are the exclusions from coverage too broad? These are often negotiable.
    • Are their special endorsements that may be appropriate?
    • What offsets from coverage apply?

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