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Chubb Group of Insurance Companies 15 Mountain View Road Warren, New Jersey 07059 Executive Protection Portfolio SM Outside Directorship Liability Coverage Application BY COMPLETING THIS APPLICATION

How to fill out outside directorship liability coverage

How to fill out outside directorship liability coverage:

1. Begin by gathering all the necessary information and documents related to the outside directorship position for which you want to obtain coverage. This may include details about the company, its operations, and the director's role.
2. Contact different insurance providers or brokers that offer outside directorship liability coverage. Obtain quotes from multiple sources to compare coverage options, costs, and terms.
3. Review the policy forms and coverage details carefully. Understand the scope of coverage, exclusions, and limitations. Seek clarification from the insurance provider or broker if any aspects are unclear.
4. Fill out the application form provided by the chosen insurance provider. Provide accurate and complete information about the outside directorship position, including the names of directors, the company's financial information, and any past claims or litigation history.
5. Attach any additional supporting documents required by the insurance provider, such as resumes or background checks of the directors, financial statements, or legal agreements.
6. Consider obtaining legal advice before signing the application form or making any commitments. An attorney specializing in insurance matters can review the terms and conditions of the coverage to ensure they meet your specific needs and protect your interests.
7. Submit the completed application form and supporting documents to the insurance provider within the specified time frame. Follow up to confirm receipt of the application and inquire about the next steps in the underwriting process.
8. Once the insurance provider approves the application, carefully review the policy documentation, including the certificate of insurance, policy schedule, and endorsements. Seek clarification on any discrepancies or inconsistencies.
9. Pay the premium as per the agreed terms and conditions. Ensure timely payment to avoid any lapses in the coverage.
10. Communicate the details of the purchased outside directorship liability coverage to the relevant stakeholders, such as the company's board of directors, shareholders, or legal counsel.

Who needs outside directorship liability coverage:

1. Companies that have outside directors on their boards may need outside directorship liability coverage. This includes publicly traded companies, private companies with investors or shareholders, nonprofit organizations, and other entities that appoint directors from external sources.
2. Outside directors themselves may also consider obtaining this type of coverage to protect their personal assets and mitigate the risks associated with their directorship duties.
3. The need for outside directorship liability coverage may vary depending on the industry, company size, the level of exposure to legal and regulatory risks, and the specific roles and responsibilities of the directors. Consult with legal and insurance professionals to determine the appropriate coverage for your specific situation.

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What is outside directorship liability coverage?

Outside directorship liability coverage is a type of insurance that provides protection to directors serving on the board of a company from legal claims and lawsuits.

Who is required to file outside directorship liability coverage?

Directors serving on the board of a company are required to file outside directorship liability coverage.

How to fill out outside directorship liability coverage?

To fill out outside directorship liability coverage, directors need to provide information about their role on the board, the company they are serving, and the coverage limits they are seeking.

What is the purpose of outside directorship liability coverage?

The purpose of outside directorship liability coverage is to protect directors from personal financial risk in case they are sued for decisions made while serving on the board.

What information must be reported on outside directorship liability coverage?

Information such as director's name, company name, coverage limits, and any past claims or lawsuits must be reported on outside directorship liability coverage.