Insurance - Directors and Officers Coverage
Duane Morris' directors, officers and fiduciary insurance practice focuses on assisting D&O insurers analyze director and officer and other fiduciary-related claims, formulate coverage positions, and monitor the underlying litigation in an effort to assist in effectuating prompt, efficient and cost-effective resolutions. We work closely with our insurer clients to understand at the beginning of a retention the nature of the claims and the scope and breadth of the insurer's obligations so that a comprehensive coverage and resolution strategy can be developed as quickly as possible. Toward this end, we seek to address at the outset many of the following issues: duty to defend and/or reimburse the defense; retention and approval of defense counsel and agreement on rates; the appropriateness of multiple counsel where there are multiple insureds; self-insured retention (SIR) and deductible issues; allocation issues involving (i) parties [company versus officers and directors]; (ii) capacity [officers and directors who wear other hats]; and (iii) claims [covered versus non-covered]. We often stay active through conclusion of the underlying litigation so as to assist in formulating a strategy for claim resolution and settlement.
In conjunction with our D&O practice, we have represented insurers in coverage litigation between the insurer and insured (arbitrations and civil trials), bad faith actions commenced by insureds, and litigation between insurers (addressing issues such as the extent to which other policies may apply and the levels of contribution which are appropriate in a particular case). We also have represented insurers in rescission matters, including resolution of such matters through non-judicial rescission, judicial rescission and negotiation of both partial policy buybacks and full policy buybacks.
In connection with our D&O coverage representation, Duane Morris is able to draw on experience from the following practice areas within the firm:
- Regulatory and banking;
- Securities offerings;
- Directors and officers defense;
- Labor and employment;
- Intellectual property (patents, copyrights and trademarks);
- Real estate;
- White collar defense; and
- Government affairs.