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Directors & Officers Liability Insurance
The information in this document has been compiled not as a comprehensive review but rather as a guidance document only. The admissibility ofany claims revolve around specific circumstances and legal interpretations of the policy at the material time. We are not providing legal advice andMarsh FINPRO ASEAN accepts no liability for any loss or damage arising directly or indirectly out of any error in or omission from this document.
20 July 2007
MARSH VIETNAM LTD.Level 10, #8 Nguyen Hue
HCMC, Vietnam
Tel: 848 822 7456 Fax: 848 822 7343
FINPRO Division:Collin CP Yap - FINPRO Practice Leader
Duong TN Phuong Deputy GD
Hoang M Tuan - Special Practice Leader
Bui H Tri - Client Development Executive
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BO HIM TRACH NHIEMCHO GIAM OC VA NGI IEU HANH
Tai lieu nay c bien soan mang tnh chat tham khao. Viec giai quyet boi thng thiet hai khi co tonthat xay ra da tren thi iem thc te va pham vi bao hiem cua n bao hiem a c cap. Chung toi sekhong cung cap cac t van phap l thong qua tai lieu nay va Marsh cung khong chu trach nhiem cho
nhng ton that hoac thiet hai trc tiep hay gian tiep gay ra bi sai sot cua tai lieu nay.
20 July 2007
MARSH VIETNAM LTD.Level 10, #8 Nguyen Hue
HCMC, Vietnam
Tel: 848 822 7456 Fax: 848 822 7343
FINPRO Division:Collin CP Yap - FINPRO Practice Leader
Duong TN Phuong - Deputy GD
Hoang M Tuan - Special Practice Leader
Bui H Tri - Client Development Executive
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Contents
1- Why is there a need for Directors & Officers Liability
Insurance2- Essence of D&O Liability Insurance Policy
3- Features of D&O Liability Insurance Policy
4- Principal Extensions5- What are the Exclusions under the Policy
6- Notification Provisions
7- Introduction to Marsh
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NOI DUNG
1- V sao can bao hiem trach nhiem cho Giam oc va ngi ieuhanh (D&O)
2- S can thiet cua bao hiem D&O3- iem ac trng trong bao hiem D&O
4- Cac pham vi bao hiem m rong quan trong cua n bao hiem D&O
5- Nhng iem loai tr trong n bao hiem D&O
6- Ngha vu khai bao
7- Gii thieu ve Marsh
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Why is there the need for D&O Liability
Insurance?
Directors and officers could be potentially exposed to allegationsof wrongful acts
The policy protects the directors & officers personal liability
against suits and claims alleging, e.g. breach of duty, breach of
trust etc.
The policy pays for defence cost and judgments awarded against
directors and officers
Article 165(1) of the Enterprise Law 2005 subjects directors and
officers to consequences when the law is breached
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V SAO CAN BAO HIEM D&O?
Giam oc & ngi ieu hanh co the b oi au vi cac li cao buoc vecac hanh vi sai trai cua ho
Hp ong bao hiem dung e bao ve trach nhiem ca nhan cua Giamoc & ngi ieu hanh trc nhng li cao buoc va khieu kienVD:
thieu trach nhiem, thieu tn nhiem/ tin cay
n bao hiem chi tra chi ph bao cha & an ph ma Giam oc & ngiieu hanh phai chu theo phan quyet cua toa
ieu khoan 165(1) Luat Doanh Nghiep nm 2005 quy nh ro trachnhiem cua Giam oc & ngi ieu hanh khi ho vi pham luat
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Why is there a need for D&O Liability Insurance
Article 165(1) (Dealing with violations) of the Enterprise law2005
Depending on the nature and extent of the breach, person
who commits such a breach will be subject to a discipline,administrative punishment or criminal prosecution in
accordance with the laws. The offender will be liable to
indemnifyany damage caused to the enterprise, owner,
members, shareholders, creditors or other persons inaccordance with the laws.
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ieu khoan 165(1) (lien quan en vi pham)
cua Luat Doanh Nghiep nam 2005
Ngi co hanh vi vi pham cac qui nh cua luat nay th tuy theo tnh chat vamc o vi pham ma x l k luat, x phat hanh chnh hoac b truy cu
trach nhiem hnh s theo qui nh cua phap luat; trng hp gay thiet haien li ch cua doanh nghiep, chu s hu, thanh vien, co ong, chu n
cua doanh nghiep hoac ngi khac th phai boi thng theo qui nh cua
phap luat.
V SAO CAN BAO HIEM D&O?
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Essence of the D&O Policy
Structure of a typical D&O cover
Covered securitiesclaim againstcorporate entity
Insured -Corporate entity as a
defendant in securitiesclaims only
Corporate assets
D&O InsuranceInsuring Agreement C:
Corporate entity coveragefor securities claims
Side C
Retention applies
Covered securitiesclaim againstcorporate entity
Insured -Corporate entity as a
defendant in securitiesclaims only
Corporate assets
D&O InsuranceInsuring Agreement C:
Corporate entity coveragefor securities claims
Side C
Retention applies
Covered claimagainst Directors &Officers
Insured -Directors & Officers
Insured -Corporate entity to the extent
it has indemnified D&Os
Indemnification?
No Yes
Personal assets
D&O InsuranceInsuring Agreement B:
Corporate Reimbursement
Corporate assets
D&O InsuranceInsuring Agreement A:
Side A Side B
Retention applies
Who?
What?
Where?
Covered claimagainst Directors &Officers
Insured -Directors & Officers
Insured -Corporate entity to the extent
it has indemnified D&Os
Indemnification?
No Yes
Personal assets
D&O InsuranceInsuring Agreement B:
Corporate Reimbursement
Corporate assets
D&O InsuranceInsuring Agreement A:
Side A Side B
Retention applies
Who?
What?
Where?
Covered claimagainst Directors &Officers
Insured -Directors & Officers
Insured -Corporate entity to the extent
it has indemnified D&Os
Indemnification?
No Yes
Personal assets
D&O InsuranceInsuring Agreement B:
Corporate Reimbursement
Corporate assets
D&O InsuranceInsuring Agreement A:
Side A Side B
Retention applies
Who?
What?
Where?
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AC IEM N D&O
C cau n BH D&O
Covered securitiesclaim against
corporate entity
Insured -
Corporate entity as a
defendant in securities
claims only
Corporate assets
D&O InsuranceInsuring Agreement C:
Corporate entity coverage
for securities claims
Side C
Retention applies
Khieu nai lq chng khoanChong laiDoanh nghiep
Insured -
Doanh Nghiepla b n trong khieu nai
Lq chng khoan
Tai san doanh nghiep
BH TN D&OThoa thuan BH C:
Pham vi BH DNCho khieu nai lq chng khoan
Side C
Mc mien thng ap dung
Covered claimagainst Directors &
Officers
Insured -
Directors & Officers
Insured -
Corporate entity to the extent
it has indemnified D&Os
Indemnification?
No Yes
Personal assets
D&O Insurance
Insuring Agreement B:
Corporate Reimbursement
Corporate assets
D&O Insurance
Insuring Agreement A:
Side A Side B
Retention applies
Cai g?
Covered claimagainst Directors &
Officers
Insured -
Directors & Officers
Insured -
Corporate entity to the extent
it has indemnified D&Os
Indemnification?
No Yes
Personal assets
D&O Insurance
Insuring Agreement B:
Corporate Reimbursement
Corporate assets
D&O Insurance
Insuring Agreement A:
Side A Side B
Retention applies
Khieu nai chong laiD&O
Insured-
G & NH
Insured -
Trach nhiem rang buoc giaDN va G & NH
Boi thng?
No Yes
Tai san ca nhan
BH TN D&OThoa thuan BH B:
DN boi thng trc
Tai san doanh nghiep
BH TN D&O
Thoa thuan BH A:
Side A Side B
Mc mien thng ap dung
Ai?
au?
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Essence of the D&O Policy (contd)
Who is Insured?
(a) all PAST, PRESENT and FUTURE directors and officers of theinsured organisation and its subsidiary companies
(b) nominee directors of the insured organisation on the Board of its
associate companies
(c) heirs, estates, legal representatives and lawful spouse
(d) any natural person who is a trustee of a pension, retirement or
provident benefit fund established for employees benefit
(e)
the policy is NOT intended to cover the own liability of the corporateentity
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AC IEM N BH D&O (tt)
Ai la Ngi c Bao Hiem ?
(a) Tat ca Giam oc & ngi ieu hanh trong QUA KH, HIEN TAI vaTNG LAI va cac cong ty thanh vien cua doanh nghiep c baohiem
(b) Cac Giam oc cua doanh ngiep c bao hiem c bo nhiem vaohoi ong quan tr cua cong ty phu thuoc
(c) Ngi tha ke, tai san tha ke, ai dien hp phap va v/chong hpphap
(d) Nhng ngi tha ke hien nhien c uy thac oi vi CNV chc ve
hu, hu tr hoac cac khoan tiet kiem c(e) n BH nay KHONG c bao hiem cho trach nhiem cua n v
kinh doanh doanh nghiep
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Essence of the D&O Policy (contd)
The policy insures against LOSS resulting from CLAIMS against
the directors and officers of the insured organisation alleging a
Wrongful Act committed while acting in their capacity as
directors and officers
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n bao hiem nay bao hiem cho nhng TON THAT phatsinh t vu KHIEU KIEN chong lai Giam oc & ngi ieuhanh cua doanh nghiep c bao hiem vien do Hanh Vi Sai
Trai xay ra trong khi ho thc hien chc nang cua G &NH.
AC IEM N BH D&O (tt)
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Essence of the D&O Policy (contd)
Wrongful Act means any actual or alleged breach of duty, breach of
trust, neglect, error, misstatement, misleading statement, omission,
breach of warranty of authority or other act by the directors and
officers in their respective capacities
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Hanh vi sai trai (Wrongful Act) co ngha bat k hanh ong trc tiephay gian tiep nao dan en viec thieu trach nhiem, thieu tn nhiem, l la,sao lang, phat ngon sai, phat ngon dan en hieu nham, vi pham cac camket oi vi chnh quyen hoac cac hanh ong khac cua G & NH trong
kha nang ca nhan cua ho
AC IEM N BH D&O
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Essence of the D&O Policy (contd)
What is a covered Loss under the Policy?
- Insured Persons legal liability to pay for damages, settlements
and costs
- Defence Costs which is advanced for covered Claims after the
applicable retention has been satisfied
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Ton that nao c bao hiem di n D&O?
Trach nhiem phap ly cua Ngi c Bao Hiem phai boithng cho nhng thiet hai, khoan thanh toan va cac chi ph
Chi ph bien ho c tam ng trc cho nhng vu kienc bao hiem sau khi khau tr mc mien thng
AC IEM N BH D&O
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Principal Extensions
Subsidiaries
- Coverage applies to companies in which the named Insured owns,
directly or through one or more Subsidiaries, more than 50% of theoutstanding securities
New Subsidiaries
- The policy automatically provides coverage for new subsidiariesprovided that the total asset size of the new subsidiary does notexceed a pre-agreed percentage of the Insured's total asset size
- A 30 to 60 day coverage window is usually available for new
subsidiaries which are larger than this threshold
- The new subsidiary must be noticed to the Insurer during this window,and the Insurer must agree to provide coverage beyond the window
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NHNG IEU KHOAN M RONG CHNH
Cong ty thanh vien:
- Pham vi bao hiem ap dung cho cac cong ty Ma Ngi c bao Hiem s hu trctiep hoac thong qua mot hay nhieu Cong ty thanh vien va chiem hu nhieu hn50% co phan
Cong ty thanh vien mi thanh lap
- n bao hiem t ong bao hiem oi vi cac cong ty thanh vien mi c thanh lapvi ieu kien tong gia tr tai san cua cong ty thanh vien mi thanh lap khong vtqua t le a c thoa thuan tren tong tai san cua doanh nghiep c bao hiem
- Mot thi han 30 hoac 60 ngay co the c chap nhan cho cac cong ty thanh vienmi thanh lap, neu cac cong ty nay co t le vt qua mc thoa thuan neu tren
- Cong ty mi thanh lap phai thong bao cho Cong ty bao hiem trong khoan thi hanneu tren (30-60 ngay) va Cong ty bao hiem phai ong y bao hiem cho khoan thigian vt qua
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Principal Extensions
Outside Directorships
- Provides coverage for claims brought against the Insured's directors
and officers while serving as a director or officer of an outside entity
(any non-profit organization or scheduled for-profit organization) when
the Insured has requested that they serve in such capacity. The
coverage applies on either a triple or double excess basis. Triple
excess means that the Insurer's policy applies excess of the outside
entity's indemnification provisions, the outside entity's applicable
insurance, and the Insured's indemnification provisions. Double
excess means that the Insurer's policy applies excess of anyapplicable insurance or indemnification available to the director or
officer from the outside entity.
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Kiem nhiem chc vu tai doanh nghiep khac:
Cung cap pham vi bao hiem oi vi cac khieu kien chong lai G &NH c bao hiem khi ho thc hien vai tro cua G & NH cua motcong ty ben ngoai (cho du o la to chc li nhuan hay phi li nhuan)trong trung hp ngi c bao hiem a yeu cau rang ho thc hienngha vu trong kha nang cua mnh. Pham vi m rong nay se ap dungtheo nguyen tac vt qua (cap hai hoac cap ba). Trach nhiem vtqua cap ba co ngha rang n bao hiem nay se boi thng phantrach nhiem vt qua quy d phong boi thng, hp ong bao hiem(neu co) va quy d phong boi thng cua Ngi c Bao Hiem.Trach nhiem vt qua cap hai co ngha rang n bao hiem nay seboi thng phan trach nhiem vt troi cua n bao hiem (neu co)hoac quy boi thng san co oi vi G & NH t doanh nghiep cbao hiem bo sung.
NHNG IEU KHOAN M RONG CHNH
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Principal Extensions (contd)
Employment Practices Liability
- Extends coverage to directors and officers for claims alleging
employment discrimination, sexual harassment, wrongful termination
and other related employment torts
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Trach nhiem lien quan en ngi lao ong:
- n bao hiem nay m rong bao hiem G & NH cho nhng caobuoc ve phan biet oi x trong cong viec, quay roi tnh duc, ket thuchp ong khong ung qui nh va sai pham khac lien quan en ngilao ong
NHNG IEU KHOAN M RONG CHNH
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Principal Extensions Applicable to theCorporate Entity
Entity Coverage for Employment Practices Liability
- Extends coverage to the corporate entity for
claims alleging employment discrimination,
sexual harassment, wrongful termination and
other related employment torts
Entity Coverage for Securities Claims
- Extends coverage to the corporate entity for
claims alleging violations of the securities laws
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Trach nhiem cua doanh nghiep lien quan en ngi lao ong:
n bao hiem nay m rong bao hiem G & NH cho nhng caobuoc ve phan biet oi x trong cong viec, quay roi tnh duc, ketthuc hp ong khong ung qui nh va sai pham khac lien quan enngi lao ong
Trach nhiem cua doanh nghiep lien quan en phat hanh chng khoan M rong bao hiem cho doanh nghiep cho nhng khieu kien cao
buoc vi pham luat chng khoan
IEU KHOAN M RONG AP DUNG CHO DOANHNGHIEP
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What are the Exclusions Under the Policy?
4 categories:
1) Personal Conduct Exclusions:
- personal profit, advantage insider
trading
- dishonest or fraudulent act / willful
breach
final adjudication
2) Known Claims & Circumstances
Exclusion or Prior & Pending
Litigation
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NHNG IEM LOAI TR TRONG N D&O
4 loai ien hnh:
1) Loai tr cac hanh ong mang tnh canhan:- Truc li ca nhan, li dung thong tinkinh doanh noi bo e truc li
- Nhng hanh ong khong trung thchoac la ao / hanh vi chu y vi pham da vao phan quyet cuoi cung
2) Loai tr nhng s co va vu khieu naia phat sinh hoac vu kien tung a xayra hoac ang dien tien
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What are the Exclusions Under the Policy?(contd)
3) Other more specific policies available:
e.g. Bodily Injury / Property Damage / Pollution / Professional
Indemnity
4) Insured vs Insured Exclusion
Excludes coverage for claims brought against the directors and
officers by or on behalf of other directors and officers. However, you
have carve backs from this exclusion for Derivative Suits,
Employment Practices Claims and Defence Costs.
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NHNG IEM LOAI TR TRONG N D&O
3) Loai tr nhng ton that hoac thiet hai a c bao hiem bi mot n baohiem khac:
- Thng tat than the / Ton that tai san / O nhiem / Trach nhiem nghenghiep
4) Loai tr khieu kien cua Ngi c bao hiem kien ngi c bao hiem
- Loai tr cac vu kien oi vi Giam oc va ngi ieu hanh thc hien bihoac ngi ai dien cua G & NH khac. Tuy nhien, ban co the yeu caumua lai cac ieu khoan loai tr nay cho vu kien, khieu nai trach nhiemca nhan oi vi ngi lao ong va ph bien ho.
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Notification Provisions
ANY CHANGES / UPDATES / OCCURANCE IN THE FOLLOWING
AREAS WOULD REQUIRE IMMEDIATE NOTIFICATION TO YOUR
RISK MANAGER AND LEGAL DEPARTMENT
Claims & Circumstances
IMPORTANT: The D&O policy is a claims made & notified policy
Written notice must be given AS SOON AS PRACTICABLE of any:
A. CLAIM
B. CIRCUMSTANCES
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NGHA VU KHAI BAO
NGI C BAO HIEM PHAI LAP TC THONG BAO VI BOPHAN QUAN LY RUI RO VA PHAP LY VE BAT KY S THAY OI /OI MI / S CO XAY RA TRONG CAC TRNG HP SAU:
S co phat sinh hoac khieu kien:
QUAN TRONG: n D&O la hp ong thong bao s coThong bao bang van ban phai c thong bao ngay lap tc neu co thetrong trng hp phat sinh:
A. KHIEU KIEN
B. S CO PHAT SINH
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Other Notification Provisions
What is required:
- Description of the claim / circumstance
- Nature of the alleged Wrongful Act / potential damages / potential
claimants
- How did you first become aware of the claim or circumstance
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Thong tin can thiet:
Mo ta s co
ac iem cua Hanh vi sai trai b cao buoc/ton that tiem nang/ nguyenn tiem nang
Ngi c bao hiem sm nhan biet ve s va khieu nai nh the nao
NGHA VU KHAI BAO
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Marshs FINPRO Practice
Marshs FINPRO Practice is dedicated to financial and
professional liability insurance coverages. We have more than
700 colleagues in our practice globally, and FINPRO isrepresented in virtually every major Marsh office globally.
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BO PHAN FINPRO CUA MARSH
Marsh FINPRO la dch vu chuyen sau tap trung ve bao hiem taichnh va trach nhiem nghe nghiep, chung toi co hn 700 chuyengia hoat ong khap toan cau va FINPRO la mot bo phan chnh
trong hau het cac van phong cua Marsh khap the gii.
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Bangkok
Beijing
Mumbai
Hong Kong
Jakarta
Kuala Lumpur
Manila
Melbourne
Osaka
Seoul
Shanghai
Singapore
Sydney
Taipei
Tokyo
Ho Chi Minh City
Our GeographyOur GeographyOur GeographyOur Geography
Updated June 2007
Guam
Karachi New Delhi
Macau
Guangzhou
Chennai
FINPRO ASEAN
SubsidiaryAffiliate
Correspondent
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Our Organisation Chart
CEO, Marsh ASEANAlan Cheah
FINPRO ASEANCollin Yap
FINPRO Asia PacificRay Armstrong
FINPRO SingaporeCollin Yap
FINPRO MalaysiaDevakumaran Painisamy
FINPRO ThailandTheeraya Phongpool
FINPRO IndonesiaDino Ary
FINPRO VietnamGary Leong
Andrew G Paul
Kelly Wong
Felix Liu
Salamah Subri
Michelle Chung
Weslin Wee
Ikhmal Hadi Ibrahim
Lee Mei Li
Meena Thanarattanavichai
FINPRO PhilippinesLarie Concepcin
Mary Ann Geronimo
Suteera Ua-Amporn
Yin Peng Foo
(Regional Placement)
Gunenthiran GunaratnamDuong TN Phuong
Hoang M TuanBui H Tri
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Marsh & McLennan Companies Structure
Marsh Mercer
MMC
Kroll
Revenues exceeding US$11.7Billion
Approximately 62,500 employeesworldwide
400 offices; 100 countries
Risk and Insurance Services HR Consulting Due Diligent
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Worlds 10 Largest Insurance Brokers 2006(ranked by brokerage revenues)
Rank Company Brokerage Revenue2006 (US$)
1 Marsh & McLennan Companies, Inc. 10,474,000,000
2 Aon Corporation 6,709,000,000
3 Willis Group Holdings Ltd. 2,341,000,0004 Arthur J Gallagher & Co. 1,437,800,000
5 Wells Fargo Insurance Services Inc. 1,008,737,000
6 Brown & Brown Inc. 864,662,662
7 Jardine Lloyd Thompson Group P.L.C. 847,042,300
8 BB&T Insurance Services Inc. 842,295,600
9 Hilb Rogal & Hobbs Co. 696,041,000
10 Lockton Cos. L.L.C. 657,161,000
*Complied by Business Insurance magazine Jul, 2007
Marsh & McLennan Companies (MMC) has been ranked as the world's largest insurance
broker for the 36th consecutive year byBusiness Insurance on publication of its annual 2007brokerage report.
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Marsh Vietnam
MARSH VIETNAM LTD
Presented in Vietnam since 1994
30 experienced specialists in two offices:
- Head Office:
Level 10, #8 Nguyen Hue, District 1
HCMC, VietnamTel: 848 822 7456 Fax 848 822 7343
- Hanoi Office:
Unit 301 - NorthStar Building, #4 Da Tuong, Hoan Kiem District
Hanoi, Vietnam
Tel: 844 942 9646 Fax 844 942 9573
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Our Contacts
- Collin CP Yap - FINPRO Practice Learder
- Gary CH Leong - General Director/CEO
- Duong TN Phuong - Deputy General Director [email protected]
- Hoang M Tuan - Specialty Practice Leader
- Bui H Tri - Client Development Executive
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QUESTION & ANSWER