Monitor Liability Managers, a member company of WR Berkley Corporation, has launched a new Independent Director Liability insurance policy that provides individual protection to independent directors.
The new independent director liability (IDL) policy, underwritten by Monitor on behalf of certain of WR Berkley Corporation’s insurance company subsidiaries, protects the personal assets of an individual, independent director of a publicly traded, privately held or nonprofit organization.
Unlike policies with limits shared across an entire board of directors, or a group of independent directors, the IDL policy is written to cover an individual. Each independent director may obtain his or her own policy and limit of liability.
Joseph Haltman, vice president of underwriting for directors and officers liability, said: It is not uncommon for the directors and officers limits covering a group of board members to become exhausted defending, for example, an SEC claim. The IDL policy offered by Monitor is dedicated to providing additional wealth security and protection for the personal assets of the individual, independent director.