It is important to note however that D&O policies usually exclude cover for acts or omissions of directors, before the policy period commenced, that the director reasonably knew were likely to give rise to a claim and which were not notified to the insurer.
Fraud or dishonesty, or any wilful or deliberate breach of the law by the insured, will also be excluded.
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Numerous other standard exclusions are normally set out under a D&O policy.
Although these exclusions are typically 'standard', each company's D&O policy is a bespoke contract and should be checked carefully to understand the coverage limitations.
Until next week.