advancement of defense costs provision
Most directors and officers (D&O) liability policies contain "advancement of defense costs" provisions that obligate the insurer to pay defense costs as incurred.
advancement of defense costs provision
Most directors and officers (D&O) liability policies contain "advancement of defense costs" provisions that obligate the insurer to pay defense costs as incurred.
Additional Information
Such provisions eliminate the need for insured directors and officers or the corporate organization to pay such costs prior to receiving reimbursement from the insurer. This is an important aspect of D&O coverage because defense expenses associated with claims against directors and officers are considerable.
