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Let's Face It, One Is Never Enough

Directors and officers push to bolster protection against lawsuits from -- and with -- all sides

By Russ Banham | Updated on November 01, 2004

Paul Major knows his As, Bs and Cs, and his D&O, too. When he signed on as the director of insurance at Metris Companies Inc. in September 2001, Major swiftly gutted its directors and officers liability insurance program, deciding that more limits of financial

protection had to be added. Most importantly, he bought an additional D&O insurance policy that resides on top of the underlying policy to provide added protection in case the first policy’s financial limits are exhausted. Called Side A D&O insurance, the policy also absorbed added risks, such as derivative claims by shareholders brought on behalf of the company against its directors and officers.

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