Institute Of Directors Hosts Panel Discussion
The Institute of Directors [IoD] Bermuda branch this morning [Sept 25] hosted a presentation and panel discussion on Directors and Officers Liability Insurance [D&O] to its members and invited guests.
The one and a half-hour seminar covered the increasing responsibility, accountability and the potential liability that directors and officers are facing in today’s business environment, as well as the insurance coverage available to cover these liabilities.
Photo L-R: Monica Dobbie, Institute of Directors Bermuda Branch Committee member; Gary Stockley, Vice President, Insurance Broking, Freisenbruch-Meyer Insurance Services Ltd.; David Friston, Senior Vice President, Financial Lines Manager, AIG Cat Excess Liability; Roger Gillett, Institute of Directors Bermuda Branch Chairman; Jeffrey Jabon, Senior Vice President, Head of Professional Lines, ACE Bermuda Insurance Ltd.; Alex Potts, Special Counsel, Sedgwick Chudleigh.
Jeffrey Jabon, Senior Vice President, Head of Professional Lines, ACE Bermuda Insurance Ltd; David Friston, Senior Vice President, Financial Lines Manager, AIG Cat Excess Liability; and Alex Potts, Special Counsel, Sedgwick Chudleigh; talked about how these liabilities arise and how Directors and Officers Liability Insurance operates. The panel was moderated by Gary Stockley, Vice President, Insurance Broking, Freisenbruch-Meyer Insurance Services Ltd.
IoD Chairman Roger Gillett said: “Company directors face potentially unlimited personal liabilities and consideration as to how they protect themselves from these is vital. Most company Bye-Laws undertake to indemnify their directors should they be sued for the way in which they ran the company.
“However, without insurance protection, a company is left to fund a director’s defence from its own resources. If the company is unable to do this, then the director is left to pick up the costs on his own. This morning’s presentation was a lively discussion about how an insurance policy can help provide financial assistance to a company to help defend its directors and senior officers should they find themselves in such a situation.”
