DATE: Tuesday, May 20, 2014
TIME: 4:00 PM - 5:00 PM
VENUE: Russells Steakhouse/Salvatores Grand Hotel, 6675 Transit Road - Williamsville, NY
ORGANIZER: RIMS PERK - Upstate New York Chapter
While D&O insurance provides essential liability protection to directors, officers and companies, the claims process is a minefield for policyholders. A risk manager needs to know which policy provisions to insist on and which to avoid as well as how countering typical insurance company defenses once a claim is filed, and how to keep an insurance company on board while settling a suit. This session will cover these essentials. Key policy language issues include "severability" of coverage for insurers not implicated in wrongdoing; priority of payment provisions when multiple parties are all seeking coverage; and the scope of "bad acts" exclusions. Settlement issues include satisfying the insurer's desire for information and right to "participate" in a settlement, as well as whether settling with the primary insurance company can arguably endanger excess coverage.