D&O Coverage Clause Samples
The D&O Coverage clause defines the insurance protection provided to a company's directors and officers against claims arising from their actions in their official capacities. This clause typically outlines the scope of coverage, including what types of claims are covered, any exclusions, and the limits of liability. For example, it may specify that the insurer will cover legal defense costs and settlements related to alleged wrongful acts, but exclude coverage for fraud or personal profit. The core function of this clause is to protect directors and officers from personal financial loss due to lawsuits, thereby encouraging qualified individuals to serve in these roles without undue fear of liability.
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D&O Coverage. In the event that GBB is unable to have BSC's ------------ directors and officers added to GBB's directors' and officers' liability insurance policy pursuant to Section 7.2(d) hereof and upon GBB's request, BSC shall use commercially reasonable efforts to obtain
(i) coverage for a period of at least 36 months following the Effective Time of the Merger for the directors and officers of BSC under a directors' and officers' liability insurance policy which is no less protective in terms of coverage or limitations than now possessed by GBB covering acts or omissions occurring prior to the Effective Time of the Merger and actions related to this Agreement, and (ii) coverage for a period of at least 36 months following the Effective Time of the Merger under a bankers' blanket bond which is no less protective in terms of coverage or limitations than now possessed by BSC covering acts or omissions occurring prior to the Effective Time of the Merger and actions related to this Agreement.
D&O Coverage. As long as the Company maintains directors and officers liability insurance, the levels of coverage shall not be reduced from those currently in effect as of the date of this Agreement.
D&O Coverage. During the Employment Period and for six years thereafter, the Executive shall be entitled to the same directors’ and officers’ liability insurance coverage that the Company provides generally to its other directors and officers, as may be altered from time to time for such directors and officers.
D&O Coverage. The Company shall maintain director’s and officer’s liability insurance coverage with an insurer of national reputation in an amount reasonably determined by the Board to adequately to cover any director or officer liability in accordance with policy terms and the Company’s customary form indemnification agreement.
D&O Coverage. During the Term, the Company shall maintain directors and officers liability insurance for its directors and officers, in such amounts as the Company Board believes is reasonably necessary.
D&O Coverage. The Company shall maintain directors and officers liability insurance coverage for Executive with coverage and limits which are reasonable and customary for an entity similarly-situated to the Company.
D&O Coverage. If immediately prior to Executive’s Date of Termination Executive was covered as an insured under Employer’s D&O Insurance, Employer will be obligated to continue Executive’s coverage under Employer’s D&O Insurance or provide Executive with similar coverage, in either case, on substantially the same terms and conditions until the third anniversary of the date of Executive’s Date of Termination.
D&O Coverage. For so long as, and only for so long as, the Employer continues to maintain directors’ and officers’ liability insurance, the Employer shall use best efforts to maintain a policy covering the Employee in the amount of Five Million Dollars ($5,000,000) in the aggregate, or such amount of coverage as may be provided by the Employer to directors and officers generally after the Effective Date. The Employer will also use best efforts to obtain coverage for Employee under any such policy for six (6) years after Employee ceases being an officer or director.
D&O Coverage. At all times during the Engagement, Executive shall be covered by Company’s Directors and Officers insurance policy, which shall be maintained in the ordinary course of business consistent with the past practices of the Company.
D&O Coverage. The Company will maintain a directors’ and officers’ liability insurance policy (or policies) providing coverage for the Executive that is at least as favorable to the Executive in any respect (including as to the length of any post-employment tail coverage) as the coverage then being provided to any other officer or director of the Company. The policy must be held with a reputable company, of the standard appropriate for CEOs of public companies.