Cole,
a D & O Policy can cover those accused of or even tried for fraud, under the federal securities laws, but a D & O Policy never covers those who have actually been convicted of fraud.
The D & O Policy generally covers the directors and officers for potential liability for defense costs and the cost of settlements, although the insurer is not obligated to do so.
More carriers are rescinding the policy based on misrepresentations in the D & O application, which often includes attachments to the application, such as financial reports.
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