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Skyline, downward graph and coronavirus cells. Over the past decade, event-driven claims have become increasingly common, resulting in market fluctuations and leading to the belief that corporations are to blame for concealing or misrepresenting some key aspect of their corporate governance. (Photo: Shutterstock)

When directors and officers (D&O) insurance was first introduced by the London underwriting market in the 1930s, it was intended to cover a narrow range of emerging liabilities. Following the Great Depression and the uptick in securities regulation, there was a perceived need for insurance to protect corporate officers from the risks of doing business.

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