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Directors and officers (D&O) insurance is an essential component of an effective, sustainable corporate governance regime. This has been made even clearer by the COVID-19 crisis and the additional pressures exerted on businesses and their D&Os. Such pressures include fulfilling fiduciary duties, balancing the needs and priorities of key stakeholders, maintaining regulatory compliance, adjusting operations to reflect the ‘new normal’, managing reputational risks, and other legal and financial challenges – all in the midst of a global pandemic.

In the current risk environment, it is imperative that companies obtain adequate D&O insurance, especially given the increasing regulatory oversight of D&Os across many jurisdictions, even prior to COVID-19. In recent years there has been a growing focus on areas such as continuous disclosure obligations, anti-competitive behaviour, privacy and cyber security, and directors’ duties, among other issues.

In the coming months, government investigations, securities lawsuits, claims in bankruptcy, claims against company executives and board members, and other forms of potential liability, may become increasingly common, as the fallout from the COVID-19 crisis continues. Companies are well advised to enlist the help of experienced coverage counsel to help them understand their D&O insurance policy’s terms and conditions, and to maximise insurance rights and potential recoveries, as well as prepare for potential claims.

Against this backdrop, Financier Worldwide turns to some of the leading lights in their field, who share their stories…

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