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D&O Entity Highlights
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- Liberal notice provisions:
- Notice of claim as soon as practicable after risk manager or general counsel first learns of claim, not later than 90 days after the end of the policy period
- Notice of circumstances is permitted during the discovery period
- Liberal representations clause:
- Knowledge of any insured person not imputed to any other insured person
- Insuring Clause A nonrescindable
- No hammer clause
- No panel counsel
- Broad Subsidiary Acquisition/Creation Coverage:
- Coverage automatic for newly acquired subsidiaries unless assets exceed 25% of entity’s assets
- 90-day automatic coverage for subsidiaries that exceed 25% of reporting threshold
- Insurer may cancel only for nonpayment, upon 20 days’ notice
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