Directors and officers liability insurance is often called D&O. It is liability insurance payable to the directors and officers of a company, or to the organization itself, as reimbursement for losses or advancement of defense costs in the event an insured suffers a loss as a result of a legal action brought for alleged wrongful acts in their capacity as directors and officers.
D&O insurance coverage can extend to defense costs arising out of criminal and regulatory investigations/trials. In fact, often civil and criminal actions are brought against directors/officers simultaneously. If a Connecticut company is somehow prevented from purchasing the insurance, a premium split between the directors and the company is often done, so as to demonstrate that the directors have paid a portion of the premium.
D&O insurance is usually purchased by the company itself, even when it is for the sole benefit of directors and officers. Commonly, purchasing directors and officers insurance would assist a company in attracting and retaining directors.
Contact Olde Liberty Insurance today to receive a no-obligation, customized quote from some of the most reputable carriers in the state of Connecticut.