Director Officer Liability Insurance

Directors and Officers Liability (D&O) Insurance has changed dramatically since first being introduced in Canada about 30 years ago. Some of the most important changes relate to the following:

1) Coverage is now available for private companies in a broad format and competitive prices - not long ago private companies could either not buy coverage or it was very restrictive. For a complete review of D&O insurance for private companies please refer to our separate article on this subject.

2) Provincial and Federal environmental protection Acts impose strict, retroactive and joint and several liability on polluters, and most significantly on directors and officers.

Director and officer liability is also important to understand that many clauses within a lease affect risk and insurance. These include:

Primary Insurance Requirement
Insurance Cancellation
Waiver of Subrogation
Breach of Warranty
Form and Acceptability
Increases in Premium
Hold Harmless Agreements
Indemnity Agreements
Notice
Maintenance and Repairs
Rent Abatement
Tenants and Landlords Improvements
Certificate of Insurance
Damage to Property

A proper insurance review of a lease would include a review of each of these sections and a determination of whether or not the insurance policies in force provide the right scope of coverage to encompass all risks of financial loss introduced to all parties by the lease agreement.

director officer liability
dallas insurance agency All too often the drafters of lease agreements rely on outdated and sometimes irrelevant "boiler plate" clauses to address issues that relate to risk transfer and insurance. This practice often leads to errors, ambiguous language and omissions that create uninsured risks for both landlords and tenants that could easily be avoided.

Understanding Insurance is Understanding Business
We are located in the mid-cities area of Dallas/Fort Worth at 624 Bedford Euless Road, Building B, Hurst, Texas.
You can contact us by phone state wide at 888-398-3143 or locally at 817-282-4060.

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