To make the directors and officers liability (D&O) claims process more efficient and collaborative, Marsh has launched a new Marsh D&O panel, giving clients facing securities litigation access to defense 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.
“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,” said 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 defense costs until consent has been granted.
“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 defense 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,” Beresheim added.
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.
Marsh, US, D&O, Devin Beresheim