When Was The Last Time You Looked Into Your D&O Coverage?
Having just pointed out to a client that they needed to review their far too minimal D&O coverage, getting an ezine from Zurich offering their free checklist for D&O coverage seemed timely and interesting. Of course the list will play to their strong points on the Directors and Officers coverage they offer. However, it can be an interesting way to compare this to the coverage you and your Board of Directors have.
Since all good discussions to cover a range of points of view, need to have three issues, let’s consider stories you may be telling:
- Your company has good people and strives to maintain proper corporate governance, so you do not need D&O coverage.
- Your last risk assessment update or contingency planning review brought up concerns about insurance coverage and the leadership team balked at the cost. Remember the adage that you need to set up bank lines of credit when you do not need them, not at a moment of liquidity and cash flow crisis.
- You have plenty of time to do this and will get around to it next month.
Now that you recognize one or more of the previous arguments may need re-examination, review the checklist.
Remember the story we all have heard about the way to success is to start the day by eating a frog. The frog was defined as the most difficult issue you should attack that day and solve. Then the rest of the day is easier and your business is not blindsided as often as your competition by million dollar mistakes.
Is D&O coverage the frog you should eat today?
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