This case study highlights how Kapnick’s collaborative, One Firm solution helped a private client secure independent D&O coverage for board members. By addressing insufficient limits in the company’s policy, Kapnick protected the client’s assets while respecting budgetary constraints.
THE PROBLEM
A Kapnick private client was invited to join the board of a for-profit company but was concerned about the company’s general D&O coverage limits. In the event of a claim, the first line of defense is the company, followed by their D&O policy, and finally the individual director or officer.
The client, unwilling to risk his hard-earned assets, needed to explore options. However, the company lacked the resources to significantly increase their D&O policy limits. A personal umbrella policy was also considered but did not provide the necessary coverage terms.
THE SOLUTION: Independent D&O Coverage for Board Members
Collaborative Approach to Independent D&O Coverage
Kapnick Risk Services and private client experts collaborated to place an independent D&O coverage. This policy was designed to cover losses exceeding the company’s policy limits. It addressed the company’s budgetary constraints while mitigating the client’s risk and protecting his personal assets.
