Monitor Liability Managers, Inc. (Monitor), a member company of W. R. Berkley Corp., recently announced the launch of a new Independent Director Lliability (IDL) insurance policy that provides individual protection to independent directors.
The new IDL policy, underwritten by Monitor on behalf of certain of W. R. Berkley Corp.’s insurance company subsidiaries, protects the personal assets of an individual, independent director of a publicly traded, privately held or nonprofit organization. Unlike policies with limits shared across an entire board of directors, or a group of independent directors, the IDL policy is written to cover an individual. Each independent director may obtain his or her own policy and limit of liability.
According to Monitor’s Joseph Haltman, vice president — underwriting, Directors and Officers Liability, “It is not uncommon for the Directors and Officers (D&O) limits covering a group of board members to become exhausted defending, for example, an SEC claim. The IDL policy offered by Monitor will provide additional security and protection for the personal assets of the individual, independent director. This policy may respond even in cases when the D&O insurance purchased by an organization is rescinded, its carriers become unwilling or unable to pay, or assets of the organization are frozen in bankruptcy proceedings. The IDL protection puts independent directors in greater control of their own financial security.”
For more information about Monitor’s IDL insurance, please contact David Aller at firstname.lastname@example.org or call 800-446-2100, ext. 502.
Source: Monitor Liability Managers, Inc.