Addressing Chief Compliance Officer Liability From an Insurance Perspective
Excerpted from hedgefundlcd.com:
The impetus for the product was clients approaching us, either individual chief compliance officers (CCOs) or their employers, and asking us if there was a solution from an insurance perspective for the exposure they saw their CCOs beginning to face from regulators as gatekeepers and targets in the event of a corporate compliance failure. …
[The coverage] is what we call Excess, Side A DIC. What that breaks down to is, it sits on top of the rest of the directors and officers liability insurance program, so it responds if the rest of the insurance program has been exhausted or does not respond.