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After the Storm

While the threat of subprime mortgage litigation hovers over the financial services industry, potentially hitting insurers that provide directors & officers liability coverage, many companies are finding surprising softness when it comes to time to renew their D&O policies

By Russ Banham | Updated on May 01, 2008

In April, Dan Kugler, Snap-on Inc.’s assistant treasurer and risk manager, renewed the company’s directors and officers liability insurance policy and found the experience a pleasant walk in the park. Despite sobering reports that D&O insurers are potentially on the hook for billions of dollars in losses related to the subprime mortgage market meltdown, Kugler got a free pass.

Actually, the renewal was even better than a free pass since Kugler wrung moderately lower premiums from his D&O insurers than he did last year. “I was also able to favorably adjust the coverage conditions and policy language,” says Kugler at the Kenosha, Wis.-headquarters of Snap-on, a maker and distributor of tools and diagnostic equipment with $2.5 billion in annual revenue. “Then again, we have no exposure to subprime.”

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