When Michael Turk, senior consultant for Towers Perrin, pulled together figures for his firm's annual directors & officers liability insurance survey back in 2007, something just didn't seem right.
"I didn't even believe the numbers," he said, referring to survey findings revealing that 14 percent fewer insurance buyers had purchased a Side-A-only D&O policy.
The conclusion didn't fit together with the growing level of interest Mr. Turk saw in the marketplace for Side-A coverage–coverage that responds to non-indemnifiable D&O losses, where a corporation can't indemnify directors because of statutory prohibitions in a state, because the corporation is financially impaired, or some other reason.
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