On July 1, 2012, ICI Mutual introduced a number of enhancements to coverage provided under the D&O/E&O and IDL Policies for independent directors of registered investment companies. These Enhancements:
- Remove various administrative and procedural hassles and hurdles that might impede the ability of independent directors and their funds to receive prompt reimbursement for independent director legal fees under ICI Mutual's D&O/E&O and IDL Policies, while claims are still in progress.
- Remove various legal hurdles that may impede the ability of independent directors to receive financial protection (in the form of indemnification) for their legal fees directly from their funds, while claims are still in progress.
- Protect independent directors against the risk that they might incur out-of-pocket losses, in the form of insurance deductibles, where their funds are unable—or simply unwilling—to indemnify them for their legal fees.
- Expand the already-robust protection available to independent directors under ICI Mutual’s D&O/E&O and IDL Policies for legal fees they may incur as non-party witnesses in claims.
- Ensure that independent directors are protected against the risk of out-of-pocket losses, in the form of legal fees or otherwise, where claims assert that independent directors have somehow interfered with agreements or business relationships involving their funds.