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Tony Gielty
Vice President
I help ensure that directors and officers insurance
meets all the new complexities introduced by the fallout of
large SEC claims, and new requirements, such as those imposed
by Sarbanes-Oxley legislation.
Since the fall of Enron, insuring directors
and officers presents a new set of challenges. That’s
why I concentrate on emerging issues that affect my clients
most. But keeping up on industry developments is just part
of the job; knowing the market and finding the right carriers
to match those issues is equally important.
In one case, a major health care insurer was
named in a series of class action lawsuits reported under
the directors and officers program. By the end of the policy,
the primary and excess underwriters refused to renew.
To resolve the issue, we purchased 12-month
tail coverage from the existing carriers to cover any existing
issues that might emerge. We then wrote a new, higher-limits
program through a new insurer. In the process, the underwriter
agreed to an endorsement that recognized the program as an
excess policy over-the-tail in addition to the primary coverage.
The arrangement was very unusual, and a real coup for the
client.
Cases like this are why my clients stay with
me for years. They know me and trust me. And they know I’ll
handle their account personally.
20 Years in the Industry
Specialties: Management Liability Issues, Directors and Officers
Liability
Major Clients: Mettler-Toledo, Gibraltar Industries, Meyers
Industries, American Greetings
Tony.Gielty@hylant.com
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