Past Directors
& Officer's
Because
the insurance is written on a claims made basis the past acts of retired
officers can only be covered under the corporation’s in-force policy. For
this reason, it is desirable that the policy state that coverage applies
to past directors and officers of the corporation. Wording to this effect
on a typical policy lists insureds as “any persons who were, now are, or
shall be a director or officer of the corporation.”