Video: The Impact of Self Reporting on Directors' and Officers' (D&O) cover

Exposure to uninsured costs and penalties is growing because of the increasing emphasis the police and regulatory bodies are putting on self-reporting.

In this video, Mike Lea and Ian Nichol of JLT Specialty Limited's Financial Risks Division highlight the potential pitfalls in D&O cover when a company self reports.
D&O insurance is unlikely to cover legal costs and penalties if companies volunteer suspicions about fraud, corruption, anti-competitive behaviour or other regulatory breaches to the authorities.

Self-reporting, is good risk management, and D&O underwriters should be willing to accommodate it. Doing so can work to the insurers' advantage, too. Providing this reassurance to their clients could give them a competitive advantage in a soft market.

Discussion with D&O underwriters now could resolve the issues before there is a crisis.
In a recent AIRMIC article Mike Lea expands on the subject of self reporting; what's good about it, what's tricky about it, and what questions you should ask your D&O underwriter.