Claims against corporate directors and officers are no longer exclusively a U.S. phenomenon, directors and officers insurance experts from Willis told risk managers and executives during a Webcast seminar earlier this week.
In fact, insurance buyers and other risk officers who think only about the U.S. plaintiffs' bar when they turn their attention to D&O liability issues miss a world of problems in which executives can face litigation simultaneously in several parts of the globe, according to Ann Longmore, Willis Executive Risks Practice D&O product leader.
Beyond U.S. borders, regulators--not lawyers--take the lead on D&O claims, said Julian Martin, executive director of Willis' Financial and Executive Risk practice in London. Outside the United States, he said, the anatomy of a typical claim begins with a regulatory investigation into fraudulent or criminal behavior instead of a civil suit. These investigations later impact the share price of a company, which eventually can result in a follow-on civil suit, he noted, reversing the typical U.S. process Ms. Longmore laid out.
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