The concept of severability can be seen in operation in differing aspects within a D&O policy and is crucial in preserving the interests and protection of each insured. Perhaps the most obvious example is the common “Severability in exclusions” clause, a specific expression of the fact that exclusions – where invoked against one insured – will not be imputed to other insureds under the policy. A “Severability in application” clause may also provide that knowledge in the policy proposal form will not be imputed to other insureds.1