Dargestellt wird das kompakte Feld der Managerhaftung unter dem Blickwinkel der Haftpflichtdeckung durch Versicherer in den USA und Deutschland. Aufgeteilt ist die Abhandlung in die drei Komplexe: 1. Entwicklung der D&O-Versicherungen 2. Haftungssituation in den beiden Ländern und 3. Deckungskonzepte nebst Rechtsprechung.
Inhaltsverzeichnis (Table of Contents)
- Introduction
- Management duties and liability
- Duties and liability of American directors and officers
- Internal management liability
- External management liability
- Enforcement of liability
- Duties and liabilities of German directors and officers
- Internal management liability
- External management liability
- Liability of supervisory boards
- Enforcement of liability
- Major differences between the American and German liability systems
- Historical development of D&O insurance
- Historical development in the United States
- Historical development in Germany
- Reliability and risk of abuse of the liability cover provided by D&O insurance policies
- Reliability of D&O insurance
- Conflicts of interest and the friendly assertion of claims
- Jurisdictional clause
- Termination clause
- Publicity clause
- Individual abuse clause
- Major shareholder exclusion
- Balance sheet function of D&O insurance
- Conclusion
Zielsetzung und Themenschwerpunkte (Objectives and Key Themes)
This paper aims to provide a comprehensive overview of directors' and officers' (D&O) liability insurance, focusing on the liability cover provided by insurers in the United States and Germany. It examines the legal frameworks, historical developments, and potential risks associated with D&O insurance.
- Management duties and liability in the US and Germany
- Historical development of D&O insurance in the US and Germany
- Reliability and risk of abuse of D&O insurance policies
- The balance sheet function of D&O insurance
- Key differences between the American and German liability systems
Zusammenfassung der Kapitel (Chapter Summaries)
The introduction provides context for the growing importance of D&O insurance in the face of increased shareholder influence, stricter court rulings, and heightened competition. It highlights the significance of D&O insurance for managers of public limited companies, especially in the United States.
Chapter 2 examines the duties and liabilities of directors and officers in both the United States and Germany, highlighting key differences between the American and German legal systems. The chapter focuses on the structure of corporate management, the responsibilities of board members and executive officers, and the enforcement of liability.
Chapter 3 delves into the historical development of D&O insurance in both the United States and Germany, tracing its evolution from its origins to the present day.
Chapter 4 explores the reliability and risk of abuse of D&O insurance policies, analyzing the potential for conflicts of interest and the measures insurers have implemented to mitigate these risks. It also examines the balance sheet function of D&O insurance.
Schlüsselwörter (Keywords)
Directors' and officers' liability, D&O insurance, management liability, corporate governance, professional indemnity, risk management, shareholder influence, court rulings, globalization, competition, legal frameworks, historical development, abuse risk, conflicts of interest, balance sheet function, United States, Germany.
Frequently Asked Questions
What is the main focus of this document regarding D&O liability?
The document provides a comprehensive overview of Directors' and Officers' (D&O) liability insurance, specifically comparing the legal frameworks and liability coverage in the United States and Germany.
What are the key differences between American and German management liability?
The paper examines internal and external management liability, the structure of corporate management, and how liability is enforced, highlighting the unique legal traditions of both nations.
How has D&O insurance developed historically?
Chapter 3 traces the evolution of D&O insurance from its origins in the United States to its adoption and development within the German market.
What risks are associated with D&O insurance policies?
The document explores the risk of abuse and conflicts of interest, analyzing specific clauses like the jurisdictional, termination, and publicity clauses designed to mitigate these risks.
What is the "balance sheet function" of D&O insurance?
It refers to the role of D&O insurance in protecting the company's financial stability and the personal assets of managers against significant liability claims.
Why has D&O insurance become more important recently?
Increased shareholder influence, stricter court rulings, and heightened global competition have made D&O coverage essential for modern corporate governance.
- Quote paper
- Andreas Schlegelmilch (Author), 2004, D&O liability under American and German law and the liability cover furnished by insurers, Munich, GRIN Verlag, https://www.grin.com/document/284994
