When Michael Turk, senior consultant for Towers Perrin, pulled together figures for his firm's annual directors & officers liability insurance survey back in 2007, something just didn't seem right.
"I didn't even believe the numbers," he said, referring to survey findings revealing that 14 percent fewer insurance buyers had purchased a Side-A-only D&O policy.
The conclusion didn't fit together with the growing level of interest Mr. Turk saw in the marketplace for Side-A coverage–coverage that responds to non-indemnifiable D&O losses, where a corporation can't indemnify directors because of statutory prohibitions in a state, because the corporation is financially impaired, or some other reason.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
