triple excess coverage
Triple excess coverage refers to a provision of coverage included within directors and officers (D&O) liability policies covering an insured director's or officer's work in conjunction with an outside firm, usually a nonprofit organization.
Additional Information
When "outside directorship liability" coverage is written on a triple excess basis, the policy will be required to pay claims only after (1) the outside organization's D&O insurer pays the claim, (2) the outside organization is financially unable to reimburse the director or officer for the claim, and (3) the insured organization is unable to reimburse the director or officer for the claim.
