Competition is overcoming a need for rate increases and policy tightening among providers of directors' and officers' policies for private companies and nonprofits, say experts.
Greg Flood, president of Ironshore's IronPro unit, says during Advisen's Management Liability Insights Conference in New York, that D&O policies for private companies and nonprofits are “so broad you can drive a truck through them.”
In fact the policies are so broad that “claims don't fall into a trend,” says Shelley Norman, head of private and nonprofit management liability for Chartis in the U.S. and Canada.
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