Exclusions can have serious implications for an organisation and its management, as they eliminate coverage for certain types of claims. They are applied for a variety of reasons, but by understanding the rationale for their inclusion, the consequences of exclusions can be better prepared for and often mitigated.
In this article, we will explore the concept of exclusions in the context of the following coverages:
- Directors and officers liability insurance
- Employment practices liability insurance
- Management liability insurance
- D&O insurance for nonprofits
You may also find that similar concepts apply to a broad range of financial lines insurances, such as professional indemnity insurance, cyber insurance, and even crime insurance to a certain extent. Keep in mind, however, that each policy is strictly interpreted according to its own terms and conditions.
Contents
1 Exclusions: A definition
2 Common standard exclusions
3 Common context-specific exclusions
4 When do exclusions come into play?
5 The imputation and severability of exclusions
6 Exclusions: An example
7 Conclusion
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