D&O policies are complex documents which usually form part of the blanket or umbrella cover put in place by a company in order to protect against potential financial exposures. Often though the effect of such cover is to put in place a series of different policy wordings which may either overlap or contradict each other in respect of construction and enforceability. Even though the market has developed certain common sets of exclusions in respect of D&O cover, it is often possible to find examples where a director’s or officer’s wrongdoing—excluded under special provisions —may be covered under some other provision contained in the company’s umbrella or blanket cover. Some examples illustrate the point:
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