Marsh has announced the launch of a new directors and officers liability (D&O) Panel, giving clients facing securities litigation access to defence counsel on a pre-approved basis.
The panel, the first broker-led effort in the industry, consists of 32 top securities law firms and four of the industry’s leading D&O underwriters and can be endorsed onto clients’ D&O policies.
Its formation demonstrates efforts to make the D&O claims process more efficient and collaborative.
“Companies facing securities lawsuits want to engage with legal experts as soon as possible but can face delays in obtaining consent from D&O underwriters for their counsel selection,” says Devin Beresheim, a managing director within Marsh’s FINPRO Practice. “This has the potential to result in uncovered costs being incurred during the initial, critical stages of litigation as underwriters will not reimburse defence costs until consent has been granted.”
Beresheim continues: “With Marsh’s D&O Panel, clients can now have easy access to top legal firms on an optional pre-approved basis, eliminating any debate in defence counsel selection and any delay in the approval of such selection. At the same time, this more collaborative approach between all parties should result in a better claims experience for clients.”
As part of this effort, panel firms have agreed to assist Marsh and the D&O underwriters involved in the initiative in providing policyholder clients with ongoing education and training on a variety of legal, business, risk, and insurance topics.