Looking for D&O Insurance in Lake Orion?
Are you seeking Directors & Officers insurance? Our agency has what you need!
With more vast knowledge of Directors & Officers (D&O) insurance coverage becoming more widely known, many organizations are seeking this additional protection for the organization and the board members. This coverage is intended to protect individuals from personal losses if they are sued as a result of serving as a director or officer of a business or other type of organization. This coverage can also cover the legal fees and other costs associated with a suit, that the organization may incur as a result of a suit. Usually the organization purchases the coverage for the ‘group of board members’ vs. the individuals purchasing it themselves.
D&O policies can take many different forms, depending on the nature of the organization and the risks it faces, so it’s best to seek out an insurance company with a deep experience in this specialized field. Policies can usually be written to insure against a variety of hazards, but they do generally include exclusions for fraud or other criminal activity.
Who needs D&O Insurance?
Anyone who serves as a director or an officer of a for-profit business or nonprofit organization may be at risk of a personal claim as a result of that position. A directors and officers liability policy insures them against personal losses.
It can also help reimburse the business or nonprofit for the legal fees or other costs it may incur in defending those individuals against a lawsuit.
D&O policies can take different forms, depending on the nature of the organization and the risks it faces, so it’s best to seek out an insurance company with deep experience in this specialized field.
The policies are generally purchased by the organization to cover a group of individuals rather than by the individuals themselves.
Policies can be written to insure against a variety of hazards, but they generally make exclusions for fraud or other criminal activity.
How much does D&O Insurance cost in Michigan?
Like any other type of insurance, D&O insurance varies in price. It depends on many different variables, all of which we’ll discuss with you to ensure that you’re paying the best possible price for the coverage!