Directors & Officers Liability
If you assemble a Board of Directors you would want to have Directors & Officers liability in place for your Portland Oregon business or non-profit. Directors & Officers liability is also known as D & O insurance, this insurance will protect both the assets of your company and the personal assets of the individuals who are directors and officers of the organization.
This type of coverage is going to reimburse the company for amounts paid to directors and officers for expenses incurred as a result of claims made against them for wrongful acts and to which they are entitled by the company’s bylaws. Exclusions on this type of coverage would include illegal personal profit, illegal securities transactions, & deliberate dishonesty.
Common activities leading to Directors & Officers claims might include:
Acquisitions. mergers, management buy-outs, sale of corporate assets
Breach of contract
Waste or mismanagement of corporate assets
Bankruptcy or liquidation of the company
Changes in ownership
Employment practices which would include termination, discrimination, harassment
Defamation, libel, or slander
Misrepresentation & nondisclosure
Breach of duty care
Unremitted withholding of taxes