Directors and officers (D&O) liability insurance is a specialized type of insurance that protects corporate executives and directors from personal financial losses resulting from lawsuits and legal claims related to their actions as corporate leaders. This type of insurance covers the costs of indemnification, legal defence, and other associated expenses that can quickly add up to a significant amount. D&O liability insurance helps to shield individual directors and officers from the financial burden of legal action, allowing them to focus on their roles as corporate leaders without worrying about personal financial repercussions.
Even though D&O insurance is not legally mandated, there are certain stages and milestones of a company where D&O insurance should be reviewed to make sure it is still adequate for the organization.
Directors and officers (D&O) of a corporation can be held personally liable for a variety of actions related to their role as corporate leaders. These actions may include breaches of common law duties, negligence in the performance of their duties, violations of fiduciary responsibilities to shareholders, or violations of provincial or federal laws.
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