Policies contain significant exclusions for intent, gross fault and administrative fines. Do not rely on the coverage without testing it against your real risk scenarios.
One exposure sits squarely outside most policies: directors’ personal liability for the company’s public debts — unpaid tax and social-security premiums — which the authorities can pursue against them directly. D&O will not answer for that, so it needs its own mitigation. There is a structural limit beside it: in many legal systems a judicial or administrative fine resting on personal fault cannot be transferred to an insurer at all, as a matter of public policy. The policy may still meet the defence costs while the fine itself stays with the director. Real protection therefore begins alongside the policy, in the discipline of how decisions are taken and recorded.
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