Liability insurance a growing concern for energy company directors, officers

10/13/2003
New governance issues and criminal penalties under the Sarbanes-Oxley Act are increasing the need for liability insurance among corporate directors and officers at a time when business scandals are driving up costs and reducing coverage of such policies.And the risk profile for oil and gas companies is growing."It used to be that when an executive was wrong, he just got fired. Now he's also likely to get sued," said Judith McElya, vice-president, financial services, at McGriff, Seibels & Williams of Texas Inc., a Houston-based insurance broker.Liability issuesLiability insurance for a company's directors and officers, known as a "D&O" policy, insures them against personal liabilit...
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