Source: https://www.nationalunderwriter.com/resource-center-1/property-and-casualty/directors-and-officers-liability-insurance-forms-annotated.html
Timestamp: 2019-01-18 03:24:50
Document Index: 605013871

Matched Legal Cases: ['§ 1', '§ 1', '§ 1', '§ 2', '§ 2', '§ 2', '§ 2', '§ 2', '§ 2', '§ 3', '§ 3', '§ 3', '§ 3', '§ 3', '§ 3', '§ 4', '§ 4', '§ 4', '§ 4', '§ 4', '§ 4', '§ 4', '§ 4', '§ 4', '§ 4', '§ 5', '§ 5', '§ 5', '§ 5', '§ 5', '§ 5', '§ 5', '§ 5', '§ 6', '§ 6', '§ 6', '§ 6', '§ 6', '§ 6', '§ 6', '§ 6', '§ 6', '§ 6', '§ 6', '§ 6', '§ 6', '§ 6', '§ 6', '§ 6', '§ 6', '§ 7', '§ 7', '§ 7', '§ 7', '§ 8', '§ 8', '§ 8', '§ 8', '§ 8', '§ 9', '§ 9', '§ 9', '§ 9', '§ 9']

Peter K. Rosen is a partner in the Los Angeles office of Latham & Watkins where he is a member of its Litigation Department and its Insurance Coverage Litigation Practice. Mr. Rosen represents policyholders in a wide variety of matters involving directors’ and officers' liability insurance and related issues. He counsels boards of directors and senior management on directors’ and officers' litigation, compensation and benefits agreements, corporate governance issues, employment practices, insurance strategies, indemnification, and bylaws and agreements. Mr. Rosen was the lead lawyer for the retail leaseholder at the World Trade Center in the massive insurance coverage litigation arising out of the 9/11 attack, a role that gained him worldwide recognition.
978-1-58852-184-2
approximately 532 pages
handbook, one volume
§ 1.01 The Securities Exchange Act of 1934 to the Present
[1] 1940’s: Enactment of State Legislation
[2] The Open Market Form Era
[3] The Lyando No. 1 Era
[4] The Impact of the RICO Act
[5] The Private Securities Litigation Reform Act
[6] The Sarbanes-Oxley Act
§ 1.02 Appendix A: Sample Open Market Form
§ 1.03 Appendix B: Sample Lyando No. 1 Form
§ 2.01 Coverage for the Company, its Officers, and Directors Against Third Party Claims
§ 2.02 Coverage for “Claims Made” During the Policy Period
§ 2.03 General Notice Requirements
§ 2.04 Forms
[1] Coverage for Directors And Officers
[a] The Chartis 2-2000 Form
[b] The Chubb Form
[c] The Ironshore Form
[d] The CNA Form
[e] The Allied World Assurance Company Form
[2] Coverage for Companies
[b] The Chartis Executive Edge Form
[c] The Allied World Assurance Company Form
[d] The Ironshore Form
§ 2.05 Duty to Pay Defense Costs
[1] The Duty to Defend Versus the Duty to Indemnify
[2] Protection of Confidential Legal Communications
[3] Specimen Defense Provisions
§ 2.06 Defense Costs Eroding Policy Limits
[1] “Wasting” Policies
[a] The Chubb Form
[b] The Chartis Forms
[c] The CNA Form
[d] The Allied World Assurance Company Form
Coverage Parts and Related Provisions
§ 3.01 Types of D&O Coverage Parts
§ 3.02 Direct Coverage of Directors and Officers
[1] Non-Indemnifiable Claims Against Individual Insureds
[a] Chartis
[b] Ironshore
[c] Chubb
[d] CNA
[e] Allied World Assurance Company
§ 3.03 Corporate Reimbursement Coverage
[1] Indemnifiable Claims Against Individual Insureds
§ 3.04 Entity Coverage
[1] Securities or Employment Practices Claims Against the Company
[d] Allied World Assurance Company
§ 3.05 Outside Entity and Shareholder Derivative Demand Coverages
[1] Outside Entity Liability
[a] Coverage
[b] Chartis
[2] Shareholder Derivative Demands
[b] Chubb Form
[c] CNA
§ 3.06 Common Coverage Variations and Enhancements
[1] Stand Alone Side A
[b] Chubb Stand Alone Side A Form
[c] Chubb DIC Form Endorsement
[2] Crisis Loss
[b] Chartis’ 2-2000 Form
[3] Employment Practices Liability
[b] CNA
[c] Chubb/Executive Risk Form
[4] Enhanced Limits for Certain Executives
[5] Employed Lawyers Liability
[b] Chartis Form
[c] Chubb Form
[6] Investigation Costs
[b] Forms
General Provisions and Conditions of Coverage
§ 4.01 Declarations Page and Self-Insured Retention
[3] Forms
[a] Chartis 2-2000
§ 4.02 Claims
[b] Chartis Executive Edge
§ 4.03 Securities Claims
[b] Chubb
§ 4.04 Wrongful Acts
[a] CNA
§ 4.05 Related Acts
§ 4.06 Notice
[2] As Soon As Practicable
[3] Claims-Made Reporting Requirements
[a] AIG
§ 4.07 Definition of “Application”
[a] Chubb
§ 4.08 Change of Control
§ 4.09 Panel Counsel
[a] Chartis – Executive Edge
[b] Chartis – Investigation Edge
§ 4.10 Governing Law
[a] Chartis Executive Edge
§ 5.01 Insured’s Contractual Duty to Cooperate
[1] Effective Association and Reasonable or Full Cooperation
[d] Allied World
[3] Prior Written Consent of the Carrier Before Entering Into a Settlement
[4] Hammer Clause
[5] Termination of Duty to Cooperate
§ 5.02 Subrogation
[1] Subrogation when the Insured’s Loss Exceeds Payment by the Carrier
[2] Limitations on an Insurance Carrier’s Ability to Subrogate Against its Own Insured
§ 5.03 Allocation
[1] Allocation Standards for Settlements and Judgments
[a] The Larger Settlement Rule
[b] The Relative Exposure Rule
[c] Application of the Larger Settlement Rule and the Relative Exposure Rule
[2] Allocation of Defense Costs
§ 5.04 Rescission
[1] Insured’s Disclosure Responsibilities when Applying for an Insurance Policy
[2] Materials Included in an Insured’s Application
[3] Standards for Rescinding Insurance Policies
[a] Materiality of the Misrepresentation
[b] Subjective versus Objective Knowledge of Misrepresentation
[c] Intent to Deceive
§ 5.05 Severability
§ 5.06 Cancellation Clauses
[1] Material Increase in Risk of Loss by the Insured
§ 5.07 No Action Clauses
§ 5.08 Coordination of D&O Insurance with Employment Practices Liability Insurance
§ 6.02 Dishonesty and Fraud Exclusion
[1] Dishonesty
[3] Duty to Pay Defense Costs and Final Adjudication Requirement
§ 6.03 Personal Profit Exclusion
[2] Illegal Remuneration
§ 6.04 “Insured vs. Insured” Exclusion
§ 6.05 Outside Entity and Directorship Exclusions
[1] Outside Entity Exclusion
[2] Outside Directorship Exclusion
§ 6.06 “Other Insurance” Exclusions
[2] Outside Entity Other Insurance
[3] Mutually Repugnant “Other Insurance” Clauses
§ 6.07 Pollution Exclusion
§ 6.08 Prior and Related Acts Exclusions
§ 6.09 Prior Notice Exclusion
§ 6.10 “Prior or Pending” Litigation
[2] Standard for Relatedness to Current Claim
[3] The Scope of the Exclusion
§ 6.11 Regulatory Exclusions
§ 6.12 Breach of Contract to Buy or Sell Securities Exclusion
§ 6.13 “Known Loss”, “Loss-in-Progress” Exclusion
§ 6.14 Public Policy Exclusion
§ 6.15 Carvebacks
[1] Carveback for Derivative Claims
[a] The Insured’s “Assistance” in Bringing a Derivative Action
[b] Capacity of the Parties Bringing a Derivative Action
[2] Carveback for Cross-Claims or Third-Party Claims for Contribution or Indemnity
[3] Bankruptcy Carveback
[4] Past Director and Officer Carveback
[5] Employee and Whistleblower Carveback
[6] Carveback for Director or Officer of an Organization Formed and Operating in a Foreign Jurisdiction
[7] Change of Control
§ 6.16 Severability
[2] Comparison of Forms: Severability of Exclusions Clauses
§ 6.17 Requirement of Adjudication in Fact and Final Adjudication
[2] Policies Requiring Final Adjudication
§ 6.18 Disgorgement
[1] Public Policy and Insurability
[2] Securities Act Section 11 Claims
[3] Exchange Act Section 16(b) Securities Violations
§ 7.01 Order of Payments
[1] Common Formulations of Order of Payments
[2] Order of Payments in Bankruptcy
[b] Benefits Belong to the Individual Insured
§ 7.02 Presumptive Indemnification and “Financial Impairment” or “Financial Insolvency”
§ 7.03 Dispute Resolution
[1] Enforcement of ADR Clauses
[2] Advantages and Disadvantages of ADR
§ 7.04 Extended Reporting Period or “Discovery Period”
[2] Extended Reporting Period Does Not Extend the Policy Period
[3] Not Cancellable
[4] Time in Which to Elect Purchase
[5] Premiums for Extended Reporting Periods
§ 8.01 Excess Policies
[1] Follow Form Issues
[2] Drop Down Coverage
[3] Amendatory Endorsements
[4] Reliance Endorsements
§ 8.02 Side A Excess Policies
[1] Drop Down Protection
[2] Difference in Conditions
[4] Non-Rescindability
§ 8.03 Policies Covering Liabilities Related to a Change in Control
[1] Run-Off Endorsements
[2] Policies Covering Securities Offerings
[3] Representations and Warranties Insurance
§ 8.04 ERISA Fiduciary Liability Policies
[1] Exclusions
[2] Duty to Defend
[3] “Other Insurance” Provisions
§ 8.05 Investigation Coverage
§ 9.01 Cut-Through Provisions
[1] The Rule: No Privity of Contract Between an Insured and a Reinsurer
[2] The First Exception: Direct Claim Under Cut-Through Provisions
[a] Scope of Cut-Through Provisions
[b] Advantages of Cut-Through Provisions
[c] Enforceability of Cut-Through Provisions
[d] Effects of Cut-Through Provisions
[3] The Second Exception: Direct Claim as Third Party Beneficiary
[4] The Interplay between Cut-Through Clauses and Insolvency Clauses
[5] Recommendations
§ 9.02 International Coverage Issues
[1] The Chartis Form
[2] The Chubb Form
[3] Compliance Issues
[4] Scope of Coverage Issues
[a] Insured v. Insured Exclusion
[b] Environmental Exclusion
[c] Coverage for Civil Fines
[5] Taxation Issues
[a] General Taxation Issues
[b] Taxation Issues in the European Union
[6] Recommendations
§ 9.03 Stock Options Backdating and D&O Liability Insurance
[1] Government Investigations
[2] Private Litigation
[3] D&O Liability Insurance Coverage for Stock Option Backdating Investigations and Claims
[a] Internal Investigations
[b] Government Investigations
[c] Shareholder Lawsuits
[i] Impact of Exclusions on the Scope of Coverage
[ii] Impact of the Definition of “Loss” on the Scope of Coverage
[iii] Applicability of the Remedy of Rescission
[iv] Recommendations
[4] Consequences at the Application or Renewal Stage
§ 9.04 Protection of the Insured’s Confidential Information
[1] Contractual Duties of Good Faith and Fair Dealing
[b] The “At Issue” Argument
[c] Cooperation Clauses
[d] Common Interest Argument
[3] Non-Disclosure Agreements and Confidentiality Agreements
§ 9.05 Limits of Non-Rescindability Provisions