Claims: Government Investigations, Enforcement And Triggering Insurance Coverage Under D And O Insurance


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”

..Market Response

..FDIC Letter on D&O Issues

..Regulatory Exclusion

..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. . . .

Please see full Presentation below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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