The days of cutting out unethical executives from a directors and officers policy after they are uncovered is gone, said an insurance brokerage executive, and buyers need to figure out how to deal with these people before the policies are in place.
Speaking during a Webcast sponsored by Willis Group Holdings yesterday, Ann Longmore, D&O product leader for Willis, said the issue of excluding dishonest executives from the company's D&O policy needs to be done as the policy is written.
"We are no longer in a world where if, during the policy period, we have a bunch of rogue individuals, we can carve them out from the D&O policy and cut them off from accessing the proceeds," said Ms. Longmore. "You need to consider these issues up front as they relate to the personal conduct disclosures.
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