What kind of coverages are offered under this product?
Insuring Clause A: Directors & Officers Liability (Per Claim and Aggregate)
Provides financial protection when the company cannot or will not indemnify the individual directors and officers, such as per a court order. However, no coverage for Employment Practices Wrongful act.
Insuring Clause B: Company Indemnification
Reimburses the company when it indemnifies individual directors and officers.
Insuring Clause C: Company Liability
Financially protects the corporation itself (rather than just the individual directors and officers). Coverage may reduce the limits available to protect the individual officers and directors.
Insuring Clause D: Employment Practices Liability
Designed to cover claims brought by current or former employees, or applicants for employment, which allege three types of wrongful conduct – wrongful termination, discrimination and harassment. EPL insurance fills a gap in coverage resulting from the fact that general liability policies only cover claims for bodily injury or property damage, which are not always alleged in employment claims. Where an employment claim does allege bodily injury, such as mental distress or humiliation such claims are not typically covered under a general liability policy because the underlying conduct alleged to cause such damages is usually intentional conduct.
Insuring Clause E: Investigative Costs Coverage Sublimit
Designed as an expense payment as a result of a derivative demand against the insured to cover the costs of an investigation. Expense costs may include hiring outside counsel, as well as various accounting, financial, and regulatory experts where these parties will assist the insured in managing document requests, responding to interrogatories, and providing depositions.