November 11, 2013
Business Insurance
Mid-market, private firms should obtain directors and officers liability insurance to protect their directors' assets and their own balance sheets, some experts say.
Industry data indicates that only 30% to 40% of the private company and nonprofit D&O market buys the coverage, said Alton Moore, San Francisco-based assistant vice president of specialty casualty underwriting at Liberty International Underwriters, a unit of Liberty Mutual Group Inc. unit.
“These claims can be quite costly, so therefore you want to protect your balance sheet,
“When you compare defense cost exposure to the amount of premium, to me it's a no-brainer,” said Spiro K. Bantis, a partner with law firm London Fischer L.L.P. in New York.
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