|
|
|
IDL Highlights
|
|
|
- No presumptive indemnification (coverage applies without any deductible if the entity rightly or wrongly refuses, or is financially unable, to indemnify)
- Broad definition of “claim” includes oral or written demands, civil and criminal proceedings, arbitrations, and administrative and regulatory proceedings and investigations
- Broad definition of “claim” also includes formal and informal interviews of independent directors by any governmental or self-regulatory authority
- Broad definition of “entity” includes 501(c)(3) entities sponsored exclusively by the entity and foundations, charitable trusts, or political action committees the entity controls
- Broad definition of “independent director” includes:
- Any person elected or appointed a nonemployee director
- An extension of coverage to spouses and domestic partners of independent directors
- Blanket Nonprofit Outside Position Coverage
- Broad definition of “wrongful act” includes service or status as fiduciaries of employee benefit plan sponsored solely by the entity
- Broad definition of “loss” expressly includes:
- Punitive, exemplary, and multiple damages when insurable under the applicable law most favorable to the insured
- Loss from claims under Section 11 and 12 of the Securities Act of 1933
- Penalties under the Foreign Corrupt Practices Act
|
|
|
