Checklist for Directors and Officers’ Insurance

From the start, directors should thoroughly assess and consider their D&O insurance. We’ve created a 10-question checklist to help directors do this review of their D&O insurance coverage.

  1. Do I have a copy of the indemnity deed for the company?
  2. Is there a copy of the directors’ and officers’ liability insurance policy wording (D&O policy) that I may look at?
  3. Is my name or role mentioned as an insured on the D&O policy
  4. What risks, errors, and claims are covered by the D&O policy?
  5. Is the insurance valid for the time period that I require it to be valid?
  6. Is the policy limit ($A) reasonable?
  7. Is the D&O policy the proper fit for me (for example, is the relevant company publicly traded, privately held, or not for profit)?
  8. What are the most frequent insurance coverage extensions, and are there any requirements unique to my sector or circumstances that should be addressed in my D&O coverage?
  9. Is there anything I don’t like about the exclusions?
  10. What should I do if a claim is made?

D&O insurance policies, as you can see from the questions above, are extremely complicated. Every business is unique. Each director is unique. You should get independent legal counsel regarding your D&O policy and the coverage it offers.


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