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A-Side D&O Highlights
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- Mandatory advancement of defense fees and expenses
- Liberal notice provisions:
- Notice of claim as soon as practicable after risk manager or general counsel first learns of claim, not later than 90 days after the end of the policy period
- Notice of circumstances is permitted during discovery period
- No hammer clause
- Nonrescindable
- Broad Subsidiary Acquisition/Creation Coverage:
- Coverage automatic for newly acquired subsidiaries unless assets exceed 10% of entity’s assets
- 90-day automatic coverage for subsidiaries that exceed 10% of reporting threshold
- Insurer may cancel only for nonpayment, upon 20 days’ notice
- Mandatory coverage arbitration, available at insured’s request
- Subrogation clause prohibits insurer from exercising rights against an insured person unless found to have committed a deliberate criminal or fraudulent act or obtained improper profit or advantage
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