Directors & Officers (D&O) Insurance
Sitting on a board of directors or being employed as an officer of a corporation, whether for-profit or non-profit, can be rewarding work, but it also opens you up to potential risks. Your decisions carry a lot of weight, and you could be held accountable for your actions and/or inactions. Trigon’s brokers will ensure you have comprehensive D&O insurance coverage for those instances.
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Who needs directors & officers insurance?
- Any organization governed by a board of directors (i.e., non-profits, public or private sector businesses, large commercial enterprises)
What does directors & officers insurance cover?
Directors & Officers Insurance protects against losses caused by negligence or honest mistakes your organization’s directors and officers make.
A comprehensive D&O Policy can protect against the financial implications of lawsuits that arise from the actual or alleged wrongful acts of a business’s directors and officers.
A wrongful act can include:
- Breach of legal or fiduciary duties resulting in financial consequences for shareholders
- Misuse of company funds
- Allegations of fraud, misrepresentation, and negligent acts
- Wrongful dismissals and employee discrimination claims
- Failure to comply with provincial and federal laws and regulations
Frequently Asked Questions
An occurrence-based insurance policy protects against incidents occurring during the policy period, regardless of when the claim is reported.
A claims-made insurance policy only provides coverage for incidents that happen and are reported while the policy is still active.
Like most insurance policies, there are some exclusions for D&O Insurance. A D&O policy does not cover criminal acts, intentional non-compliance, bodily injury, and property damage, to name a few. Our Trigon brokers can provide you with more details on the coverage offered by a D&O policy.
Questions? Let us help you.
Speak with a broker to learn more about directors & officers insurance.