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Courtney Horrigan, left, and Stephanie Gee, right, of Reed Smith. Courtney Horrigan, left, and Stephanie Gee, right, of Reed Smith.

The COVID-19 pandemic has created unprecedented challenges for policyholders renewing all lines of property and casualty insurance. Directors and Officers Liability (D&O) renewals were already difficult at the start of the year, as the market has been hardening since 2018 due to an increase in claim frequency and severity. These developments have caused insurance carriers to pull back capacity and reconsider insuring policyholders with poor claims histories.  Companies purchasing D&O coverage currently may anticipate double-digit increases in premium throughout their tower, and renewal packages with exclusions that may severely curtail the coverage being provided. In these times of increased risk to directors and officers, businesses should understand the current trends in the marketplace and the practical steps they can take to best position themselves for a successful renewal.

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