A global guide to the insurability of fines and penalties
Market Insight 19 October 2022 19 October 2022
UK & Europe
Insurance & Reinsurance
Our global financial institutions and D&O team are delighted to have partnered with Marsh to create a global guide to the insurability of fines and penalties imposed on directors and officers.
Legislators and regulators increasingly hold individuals accountable for corporate wrongdoing. Marsh has partnered with Clyde & Co to create an interactive map that provides insight into whether fines and penalties imposed on directors and officers may be covered by insurance.
Since the 2008 global financial crisis, there has been an increasing trend from legislators and regulators to seek to hold individuals accountable for corporate wrongdoing. One result of this trend is a proliferation of different fines and penalties that may be levied against individual directors, officers, or other senior managers. Whether or not the fines and penalties that may be imposed on directors and officers are insurable is one of the most common questions we receive from clients. Unfortunately, the answer is frequently far from clear, as legislators and regulators rarely explicitly address the insurance implications of the various penalties they impose.
Marsh’s guide to the insurability of fines and penalties under directors and officers (D&O) liability insurance examines the legal landscape in 22 countries. These jurisdictions were chosen based on the frequency of D&O claims and where our clients most commonly purchase locally admitted D&O policies.
This article was originally published by Marsh, to read the full article please click here.
Dominik Skrobala - GBF Attorneys-at-law Ltd
Sigal Schlimoff Rechtman - Gross, Orad, Schlimoff & Co.
Sumeet Lall - CSL Chambers
James P. David and Trisha Alagas - Shaikh David & Co.
Edward Bonner - Clyde & Co.
Matthew Atkinson and Philippa Fee - Fee Langstone