Directors & Officers and Management Liability Insurance Chair Thomas Bentz was quoted in a Hedge Fund Law Report article titled "Hedge Fund D&O Insurance: Purpose, Structure, Pricing, Covered Claims and Allocation of Premiums Among Funds and Management Entities."
In the article, Mr. Bentz discusses who is covered by directors and officers (D&O) liability insurance, how D&O policies are structured and the interaction between D&O policies and indemnification provisions in fund or management company documents. Covered individuals typically may receive advancement of fees or other categories of verge from both a D&O policy and an indemnification provision in fund or management company documents. Mr. Bentz explains where to look first and how to make such claims. "The way an individual would look at a claims situation is that his first line of defense is the firm's bylaws or the indemnification agreement. That is going to be much broader than your typical D&O policy. Typically the indemnification provisions will say that the company will indemnify you to the fullest extend permitted by law. As an individual, that's where I'm looking first. It’s only if that indemnification provision fails that an individual can then turn to the D&O insurance policy."
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