D&O Ins, Outs, Dos and Don’ts

Host: Nancy May, President and CEO, BoardBench Companies

Guest: Perry Granof

Show: Part 1 of 2

New directors, typically, have the best intentions to do what’s right in their roles as directors. Despite good intentions, things sometimes happen beyond anyone’s control.  Your duties as a board member, whether they be on a public, private, family-owned, venture-backed, investment fund, or not-for-profit board, can vary widely. Regardless, at a base level, your main responsibility is to ensure that the entity that hired you remains financially healthy and able to serve its articulated purposes. Doing this requires organizations to determine and understand the risks they face, and to manage them properly through sound controls, practices, and/or cost-effective insurance coverage. Prudent directors tend to apply these considerations to their own personal and professional welfare, too.

In this first of a two-part series, Nancy May and Perry Granof , discuss the basics that every director should know about Directors and Officers Liability Insurance , from understanding your coverage to what to consider to ensure you’re adequately protected.

Perry S. Granof is the Managing Director at Granof International Group LLC, where he provides insurance consulting, expert witness, and claims resolution services specializing in international and domestic Professional Liability Insurance, having previously served as Vice President and Claims Counsel with The Chubb Corporation. He is the principal editor of and contributor to The Global Directors and Officers Deskbook published by the ABA in September 2014, authored the chapter on “International ADR” for the book entitled Resolving Insurance Claim Disputes Before Trial, published by the ABA in June 2018, and has spoken on Professional Liability Insurance throughout the world.

Mr. Granof is a member of the State Bar of Wisconsin, the Washington State Bar, the Professional Liability Underwriting Society, and the Chartered Institute of Arbitrators, where he attained his Fellowship designation in International Arbitration (FCIArb). He is also an Illinois Licensed Property and Casualty Producer. Mr. Granof graduated with a Juris Doctorate degree from the University of Wisconsin, was elected to the Phi Beta Kappa honors society, and completed his training in Mediation Skills through Northwestern University.

He currently serves on State Bar of Wisconsin Dispute Resolution Section Board and the CIArb-North American Executive Board, having previously served as Chair of the Torts Trial and Insurance Section (TIPS) Dispute Resolution; Professionals’ Officers’ and Directors’ Liability; and International Committees of the American Bar Association (ABA). He is a designated Elite Expert with IMS Expert Services. He also sits as a Public Arbitrator for the Financial Institution Regulatory Authority (FINRA), a certified ARIAS Arbitrator, and a member of the American Arbitration Association (AAA) Commercial and Consumer Panels.

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