Written By Chick Zoll
A D&O policy typically covers “wrongful acts” by directors and officers of an entity within their capacity to make decisions regarding the entity’s activities.
A “wrongful act” is often defined to be something like, “any error, misstatement, misleading statement, act, omission, neglect, or breach of duty committed, attempted, or allegedly committed or attempted, by an insured person, individually or otherwise, in an insured capacity, or any matter claimed against him or her solely by reason of his or her serving in such insured capacity.”
The entity may be a public or private corporation, association or other organization and it may be for-profit or nonprofit.
If the D&O policy excludes wrongful acts arising out of the provision of “professional services,” a separate Errors and Omissions (E&O) or other type of professional liability coverage may be needed, although some D&O policies now package E&O, Employment Practices Liability Insurance (EPLI), and sometimes fiduciary liability insurance.
Don Jacobs Insurance Services, Inc.
P. O. Box 489
New Bloomfield, PA 17068
Office Phone 1-888-844-6569
Cell 717-979-6982
Fax 717-582-7150
Chick.djis(@)pa.net
http://www.donjacobsinsurance.com/
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