Legal Developments and Emerging Risks in the D&O Market

Greg Shields appreciated the generous offer to contribute a guest blog article to the widely-followed Recovery Partners Blog.  Please see introduction from Alex Jurshevski at Recovery Partners and the link to the article below. In this latest blog posting, Recovery Partners welcomes a contribution from Greg Shields, an Insurance Profes...
Posted: 2/28/2011 12:00:00 AM by Global Administrator

Canadian Directors’ and Officers’ Liability Insurance (D&O) and the Recent IMAX Decision

Canada is seeing a material change in home-grown D&O loss experience. On Valentines day we saw a new decision in the first case to be brought under Ontario’s new, at the time, “Bill 198”, aka, part XXIII.1 of the Ontario Securities Act (the “Act”), section 138.3, which provides a statutory cause of act...
Posted: 2/22/2011 12:00:00 AM by Global Administrator

D&O Liability and Governance Discussion Points:

XBRL:Many directors and officers know nothing about the SEC deadline, of June 15, 2011, for foreign private issuers (XBRL.ca, here, says there are 350 in Canada) to meet interactive data reporting requirements (explanation of XBRL, here). I have not been able to develop an opinion on the potential ramifications of XBRL on Canadian gove...
Posted: 2/18/2011 12:00:00 AM by Global Administrator

Directors’ and Officers’ Insurance – Entity Coverage and the Blogosphere

Recently, while perusing the Canadian D&O Blogosphere, I came across the website of an Ontario insurance broker, who pointed out that “not all D&O policies provide Entity Coverage” and that that coverage is “critical to your insurance program.” It ends with “if your broker can’t do this… find on...
Posted: 11/2/2010 12:00:00 AM by Global Administrator

Directors’ and Officers’ Liability Claim Example – Supplier

Sunview Doors Limited v. Pappas 2010 ONCA 198, Released 16 March 2010, here – allegation of breach of contract for unpaid accounts following bankruptcy, but also an allegation of breach of trust against two directors and an office manager  “pursuant to the combined operation of s. 8 (statutory trust) and s. 13 (pi...
Posted: 10/28/2010 12:00:00 AM by Global Administrator

Directors’ and Officers’ Indemnification

Many D’s & O’s, (trustee, advisory board members, committee members, etc.) make the assumption they will be indemnified in the event of a lawsuit, and some rely entirely on the protection under statute, or their corporate bylaws. Indemnification language can be found in the OBCA, CBCA, other legislation or specific Acts (eg. Insu...
Posted: 10/26/2010 12:00:00 AM by Global Administrator

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