In this Presentation:
- FDIC D&O Insurance and “Claim” Issues
..Definition of “Claim” in a D&O Policy
..So, what constitutes a “claim”
..“Claim” definition Denials and Cases
..Timing of a “claim”
..FDIC Letter on D&O Issues
..Insured v Insured
- Questions & Answers
- Appendix A
- Appendix B
- Excerpt from Definition of “Claim” in a D&O Policy:
- A D&O policy is triggered when there is a “claim” made during the policy period for a “wrongful act”
- A typical definition of “claim” can be found in most bank D&O policies and one issued by Travelers reads as follows:
..(a) a written demand against any Insured for monetary damages or non-monetary relief;
..(b) a civil proceeding against any Insured commenced by the service of a complaint or similar proceeding;
..(c) a criminal proceeding against any Insured commenced by a return of an indictment or information;
..(d) an arbitration proceeding against any Insured, or a formal administrative or regulatory proceeding against any Insured Person . . . which shall be deemed commenced by such Insured’s receipt of an arbitration petition, a notice of filed charges, a formal investigative order or a similar legal document. . . .
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