1. Just because your title, CCO, contains the word “Officer” doesn’t mean you are a corporate officer and required by law to be indemnified by your employer.
2. If your firm provides you with written indemnification, will they have the financial ability to indemnify you?
3. E&O Insurance may not be the back-up plan to your liability. Many E&O insurance policies only respond to written demand by clients arising our of your professional investment advisory services. Not services as CCO and not for demands by regulators.
4. Even if your firm carries Directors & Officers (D&O) Liability in addition to E&O, the coverage may be void due to misrepresentation, non-payment of premium or the limits of liability may have been exhausted due to previous claims. There may also be a specific exclusion on a D&O policy for claims brought by regulators.
5. What if you’re in dispute or litigation w/ your employer? Who will indemnify you then? All E&O and D&O Liability policies contain an “Insured vs. Insured” coverage exclusion.
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