Nuts & Bolts: Chubb Group of Insurance Companies has a new policy for independent directors to protect their personal assets when they are sued by shareholders and others. The Personal Director’s Liability Insurance provides coverage to independent directors when certain losses are not indemnified by their companies or paid by other directors’ and officers’ liability insurance. The new personal policy can be customized to cover one, all or any combination of Boards a director serves on. The policy also allows the insured director the right to choose defense counsel. It is designed to counter the litigious D&O liability environment and financial uncertainty created by corporate scandals, financial restatements and bankruptcies.
Dollars: Offers individual independent directors a personal, dedicated limit up to $10 million.
Carrier: Chubb.
States Available: All. Currently admitted in some states; applying for admission in all states.
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