Financial Executive, December 1st, 2004
The staid world of directors and officers ("D & O") liability insurance has undoubtedly been altered by the rash of accounting fraud litigation that has grown exponentially since November 2001, after the filing of a securities fraud case involving Enron Corp.
Prior to the Enron case, and during the period of a "soft market" for D & O insurance, nearly all D & O claims were customarily met with a "reservation of rights" letter from the carrier, which was normally cursorily read by the company's risk manager and/or general counsel, then promptly filed away. The claim progressed towards conclu...
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