Examples of D & O Policy in a sentence
Further, you are not releasing your rights or claims to: indemnification and defense for your former role as Chief Financial Officer of the Company or your role as an advisory consultant during the Transition Period, in each case to the extent provided in the D & O Policy; and/or your vested equity.
As the Riverwest case indicates, the D & O Policy may also cover claims against a Strata Corporation.
It would be prudent to have a D & O Policy in place to protect Council Members from liability, the cost of litigation, and frivolous claims.
The Company has also taken Directors’ and Officers' Liability (D & O) Policy to provide coverage against the liabilities arising on them.CREDIT RATING:-CRISIL has assigned rating of CRISIL A-/stable on Total Bank Facilities (Short Term & Long Term) vide their letter no.
For example, the September 4, 2007 proposal required that the Former Directors “stipulate and agree that [they] [were] liable to Plaintiffs for negligent breach of their fiduciary duties,”23 because an intentional breach would have excluded the directors from coverage under the terms of the D & O Policy.
As observed in Allied Digital:The Trustee’s real concern is that payment of defense costs may affect his rights as a plaintiff seeking to recover from the D & O Policy rather than as a potential defendant seeking to be protected by the D & O Policy.
Neborsky argues that the policy in question is a "wasting policy," and the more paid for defense costs, the less will be available to pay claims resulting from securities law infractions.The matter was heard on April 21, 2015 and thereafter taken under advisement.The D & O Policy owned by the Debtor provides $1,000,000 coverage.
Settlement not covered by D & O Policy: Vero Insurance Limited v Baycorp Advantage Limited 4In Baycorp the Court of Appeal of the Supreme Court of New South Wales held that an insurer was not obliged to indemnify the insured company under a D&O policy for a sum paid in settlement of proceedings against itself and its officers, but was liable for common defence costs incurred in those proceedings (despite the fact that a non-insured entity also benefited from those costs).
On the Effective Date, and except as otherwise expressly provided in the Modified Plan or this Confirmation Order, all Property of the Estate (including the Causes of Action, the D & O Policy, and any net operating losses) shall vest in Reorganized Biovest free and clear of any and all Liens, Debts, obligations, Claims, Cure Claims, Liabilities, Equity Interests, and all other interests of every kind and nature.
Tr. at 199-200; see D & O Policy §§ 3(d), (7)(a).Breaching the D & O Policy as part of a deal to give Kingsway more claims on which to sue Great American was not a trouble-free move for the Former Directors.