Directors & Officers Liability Insurance
This insurance policy pays any director or officer for their legal liability for damages and costs awarded against them arising from any claim first made against them and reported to us during the period of insurance shown in the policy schedule which arises from any actual or alleged wrongful act committed or attempted by a director or officer during the performance of their duties as a director or officer of yours.
In addition we will pay;
- the director and officer's costs and expenses resulting from the claim
- punitive or exemplary damages awarded against the director or officer where the payment is lawfully allowed under this policy
- the premium paid by the director or officer for insurance or bonds which, in certain jurisdictions, are required to begin an appeal
If claims are made against both you and the director or officer and those claims arise from the same wrongful act, we will pay the director or officer's costs and expenses in full even if those costs and expenses incidentally benefit you. However, this does not apply if the wrongful act is an employment wrongful act.
However, if you are legally allowed to pay the director or officer under your Memorandum or Articles of Association, trust deed, constitution or charter for their legal liability and we reimburse you or make that payment on your behalf under subsection of cover h (company reimbursement), then we will not make any payment under this subsection of cover (directors and officers liability).