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A-Side D&O Highlights
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No presumptive indemnification (coverage applies without any deductible if the entity rightly or wrongly refuses, or is financially unable, to indemnify)
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Broad definition of “claim” includes written demands, civil and criminal proceedings, arbitrations, and administrative and regulatory proceedings and investigations
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Broad definition of “claim” also includes formal and informal interviews of insured persons by any governmental or self-regulatory authority
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Broad definition of “entity” includes 501(c)(3) entities sponsored exclusively by the entity and the entity’s estate in event of bankruptcy
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Broad definition of “insured person” includes directors, officers, in-house general counsel, and managers of LLCs (and functional equivalents outside of the U.S.), with extension of coverage to spouses and domestic partners of insured persons
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Broad definition of “wrongful act” includes service or status as fiduciaries of employee benefit plan sponsored solely by insured entity
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Definition of “loss” expressly includes punitive, exemplary, and multiple damages when insurable under the applicable law most favorable to the insured
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