Chubb's Directors & Officers and Entity Liability Insurance coverage is specifically designed to help protect the personal assets of a privately owned company's directors and officers and the financial well-being of the company itself. As a director or an officer of a company, you can be held personally responsible for management decisions.
Coverage Highlights
- Broad definition of Insured includes the parent organization, subsidiaries, directors, or officers, including foreign equivalents, members of advisory boards, board of managers and management committees, and employees worldwide
- Automatic not-for-profit and for-profit outside directorship coverage for Insured Persons
- $500,000 sublimit for derivative demand evaluations cost coverage
- Optional additional $1,000,000 Side A dedicated limit for Insured Persons
Broad definition of Claim for insured persons includes:
- Written demands for monetary or non-monetary relief
- Civil and criminal proceedings
- Regulatory, administrative, and arbitration proceedings
- Requests for extradition
- Side A subpoena defence costs coverage
- Civil fines and civil penalties coverage where insurable for insured persons, including Corruption of Foreign Officials Act of Canada civil penalties
- Streamlined insured v. insured exclusion includes exceptions for financial impairment, former executives after one year, claims brought outside Canada and the United States of America, whistleblower and employment claims against insured persons, and non-executive employee shareholder claims
- Conduct exclusions include final non-appealable adjudication language
- Private placement and failed Initial Public Offering (IPO) coverage
- Provides a full Side A carve back to the pollution exclusion
- Guaranteed IPO quotation, including coverage for road show presentations
