Category Archives: Bankruptcy

Independent Directors Liability insurance discussed in, “Do directors need separate liability coverage?”

In her article, Do Directors Need Separate Liability Coverage, Corporate Secretary magazine, author Elizabeth Judd writes about Independent Director Liability insurance policies.  The article opens:

IDL insurance protects directors outside the limits of D&O coverage and record increase in securities suits makes IDL a good option.

Almost all public companies buy directors and officers liability (D&O) insurance, providing officers and boards with protection against claims not indemnified by the company. But when companies unravel, they often do so spectacularly– and given how a typical D&O policy is structured, directors may not be as well protected in the event of a complete corporate meltdown as they might like.

That’s where independent director liability (IDL) insurance comes in. A specialized form of D&O that’s sold separately, IDL protects only the directors and would pay out even if all limits within a company’s D&O policy were exhausted.

There is a really nice discussion about IDL insurance coverage in the article.  Elizabeth quotes Kevin LaCroix, of The D&O Diary, and other  well-known sources on the issue of insurance coverage for directors and officers.  Elizabeth also interviewed and quoted me in the article, writing:

Scott Godes, [formerly] counsel at Dickstein Shapiro and author of the Corporate Insurance Blog, says the beauty of IDL is that the policies are marketed as nonrescindable.

‘When D&O claims get messy or expensive, insurance firms have remarkably creative lawyers who can find ways to deny coverage or rescind the policy,’ he points out. ‘I saw one advertisement stating that IDL is insurance for insurance – if the insurance company is marketing these policies as rescission-proof, that should be a good sign.’

If you deal with insurance coverage issues, directors and officers issues, or securities issues, the article is worth a read.  IDL insurance is a pretty interesting product, and Elizabeth does a nice job of outlining the coverages and the pros and cons of buying such a policy.  So click on over to Do Directors Need Separate Liability Coverage
and read the whole thing.

Disclaimer:

This blog is for informational purposes only. This may be considered attorney advertising in some states. The opinions on this blog do not necessarily reflect those of the author’s law firm and/or the author’s past and/or present clients. By reading it, no attorney-client relationship is formed. If you want legal advice, please retain an attorney licensed in your jurisdiction. The opinions expressed here belong only the individual contributor(s). © All rights reserved. 2011.

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Join Me for “The Hot Buttons in Asbestos Insurance Litigation”

On Wednesday, June 23, 2010. from 2:00 – 3:40 pm (Eastern).  I’m going to be part of a panel discussing “The Hot Buttons in Asbestos Insurance Litigation.”

We’re going to cover:

  • The Keasbey ruling: contribution and trigger
  • Allocation–pro rata or all sums: jurisdictions still at play, choice of law and related
  • Aggregate limits and “non-products” disputes
  • Insurance and bankruptcy: the current landscape
  • This discussion qualifies for between 1.5 to 2.0 continuing legal education (CLE) credits, depending on state requirements. View the CLE credit details.

    Want to sign up?  Purchase the teleconference Audio Package (includes MP3 audio recording files and handbook on CD). To order or learn more, click here, call 484-324-2755, or email allison.emery@litigationconferences.com.

    Disclaimer:

    This blog is for informational purposes only. This may be considered attorney advertising in some states. The opinions on this blog do not necessarily reflect those of the author’s law firm and/or the author’s past and/or present clients. By reading it, no attorney-client relationship is formed. If you want legal advice, please retain an attorney licensed in your jurisdiction. The opinions expressed here belong only the individual contributor(s). © All rights reserved. 2010.

    Join me for “The Hot Buttons in Asbestos Insurance Litigation.”

    On March 30, 2010, from 2:00 – 3:40 pm (Eastern), I will be presenting at a CLE teleconference:  “The Hot Buttons in Asbestos Insurance Litigation,” hosted by HB Litigation Conferences.  My co-presenters will be Barry Buchman of Gilbert LLP andAndrew Frankel of Simpson Thacher & Bartlett LLP.

    It should be a great CLE, as the three panelists have a good deal of experience in litigating coverage for asbestos claims, both in coverage litigation in state and federal courts, as well as in the context of asbestos-related bankruptcies, including adversary actions.

    Here’s the agenda:

    • Choice of law: what rules govern your claims and policies
    • Update on current coverage litigation cases that are impacting the litigation
    • The contribution issue in light of Keasbey
    • Allocation issues–the ol’ debate–pro rata or all sums: the jurisdictions still at play and why
    • Multiple party, multiple policy claims on the rise: why and what kinds of cases are we seeing?
    • Insurance and bankruptcy: premises/operations claims and standing in a 524(g) plan?
    • The big elephant in the room–MMSEA: what are the insurers and self-insured responsibilities with reporting?

    To register, you can download the Registration Form and mail/fax/email it to HB Litigation Conferences, complete the online form, or e-mail or call Brownie Bokelman at 484-324-2755 x 212 to register.

    Disclaimer:

    This blog is for informational purposes only. This may be considered attorney advertising in some states. The opinions on this blog do not necessarily reflect those of the author’s law firm and/or the author’s past and/or present clients. By reading it, no attorney-client relationship is formed. If you want legal advice, please retain an attorney licensed in your jurisdiction. The opinions expressed here belong only the individual contributor(s). © All rights reserved. 2010.

    myspace profile views counterNote:  as a speaker at the conference, I was not charged a fee to attend the remainder of the conference.