Insured—Archived Article

October 2004

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Insured Individuals

Persons insured under a D&O policy usually is defined to include all individuals holding the position of “director” or “officer” of the corporation. In some policies, the individuals insured are listed in the definition of insured. In other policies, the individuals are listed in the definition of directors and officers or in a differently-captioned definition. As the examples below illustrate, there can be significant differences in who is insured.

The term “Directors and Officers” shall mean all persons who were, now are or shall be Directors or Officers of the Company.

Old Republic , ORUG-17 (2/86)

Directors, Officers, and Staff shall mean:

1.  any persons who were, are now, or shall be the Directors, Officer or Staff of the Association, including Executives, Board Members, Committee Members and Employees, whether compensated or not, but solely while acting within the scope of their duties on behalf of the Association;…

4.  any other person while acting on behalf of the Association at the direction of an Officer or the Board of Directors of the Association.

Chicago Insurance Co. POJ-2035 (06/97)

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