Hartford Financial Services Group Inc. introduced a directors and officers insurance product Monday focused solely on independent director liability protection.
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The Hartford, Conn., insurer said its Priority Protection-IDL policy responds to the recent expansion in director and officer liability with fuller protection from personal liability in regulator or shareholder lawsuits.
The coverage is triggered when a company is prevented by law from indemnifying its directors, when it fails or refuses to indemnify the directors even if permitted to do so, or when it files for bankruptcy and is financially unable to indemnify its directors.
