Chapter 9 Directors’ and Officers’ Liability

Index

• Section 9.1 Introduction
• Section 9.2 Breach of Duties to the Corporation
• Section 9.3 Duty of Care
• Section 9.4 Duty of Loyalty
• Section 9.5 Individual Liability for Corporate Wrongdoing
• Section 9.6 Function of the Application
• Section 9.7 Omissions
• Section 9.8 Materiality
• Section 9.9 Intent to Deceive
• Section 9.10 Waiver
• Section 9.11 Severability/Nonimputation Clauses
• Section 9.12 General Characteristics
• Section 9.13 Who Are Covered Parties?
• Section 9.14 Indemnity From Corporation
• Section 9.15 Capacity Issues
• Section 9.16 Insuring Clause
• Section 9.17 Retroactivity
• Section 9.18 Cancellation and Refusal to Renew
• Section 9.19 Extending Coverage Upon Nonrenewal
• Section 9.20 Policy Limits
• Section 9.21 Inclusion of Defense Costs
• Section 9.22 Interrelated Wrongful Acts
• Section 9.23 Coverage Issues
• Section 9.24 Was There a “Claim” During the Policy Period?
• Section 9.25 Did the Insurer Receive Adequate and Timely Notice of the Claim?
• Section 9.26 Notice Requirements
• Section 9.27 Notice-Prejudice Rule
• Section 9.28 Was There a “Wrongful Act”?
• Section 9.29 Has There Been a “Loss” as a Result of the Claim?
• Section 9.30 Defense Costs
• Section 9.31 Damages
• Section 9.32 Penalties and Fines
• Section 9.33 Settlements
• Section 9.34 Common Exclusions
• Section 9.35 Regulatory Exclusion
• Section 9.36 Insured vs. Insured Exclusion
• Section 9.37 Deliberate Dishonesty Exclusion
• Section 9.38 “SEC” Exclusion
• Section 9.39 Other Exclusions
• Section 9.40 “No Action” Clauses
• Section 9.41 Subrogation
• Section 9.42 Bad Faith Claims