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On the other hand, the requirement that escrows be nonrescindable might dampen the initial deposit rate more than the rescission option depresses the amount of deposits for potential match.
Rick Grimes, executive vice president for Somerset, N.J.-based Professional Risk Solutions said nonrescindable Side-A coverage and Separate Side A-only insurance could be the answer.
If you are protected by your company's policy and do not understand nonrescindable coverage, insolvency exclusions, failure of insurance exclusions, severability conditions and claims-made versus claims-made-and-reported terms, you may not be getting the protection you expect.
Special coverage features: Defense outside, full severability, nonrescindable, punitive damages, M&A, distressed account specialist.
The most recent examples are "nonrescindable" D&O insurance policies and a new endorsement that explicitly provides coverage for a category of claims that is hotly contested: section 11 disgorgement actions.
Features include nonrescindable A-, B- and C-side D&O coverage; wage and hour $100,000 defense sublimit; Side A pollution suit coverage; and partnership liability for LPs and GPs.
* The policy should be absolutely nonrescindable and otherwise not subject to a denial of coverage based upon any misrepresentations or omissions made in or in connection with the application for the Side A only policy or the applications for any of the underlying policies.
But this implementation requires market participants to submit firm, nonrescindable offers concerning their willingness to buy or sell shares at the same topping-off price conditional on different size payments.
Insurers are also now willing to provide nonrescindable contracts.
Additional coverage highlights include excess nonindemnifiable coverage solely for independent directors and nonrescindable coverage for defense costs, settlements and judgments.
The cover is nonrescindable and has fewer exclusions on defense of claims.
Chubb's D&O Elite is a nonrescindable and noncancelable policy that offers directors and officers a dedicated limit of liability that is not shared with the corporate entity.