DIRECTORS’ AND OFFICERS’ INSURANCE
董监事及高级职员责任保险保单样本(英文)
中国广州农林下路83号广发银行大厦18楼邮政编码：510080电话：（8620）87311888传真：（8620）87310166BusinessGuard – For Directors & OfficersNOTICE: THE POLICY PROVIDES COVERAGE ON A CLAIMS MADE BASIS. COVERAGE IS LIMITED GENERALLY TO LIABILITY FOR ONLY THOSE CLAIMS THAT ARE FIRST MADE AGAINST THE INSURED S AND REPORTED TO THE INSURER DURING THE POLICY PERIOD. PLEASE READ THE POLICY CAREFULLY AND DISCUSS THE COVERAGE WITH YOUR INSURANCE AGENT OR BROKER.SchedulePolicy Number: DOGZxxxxxxItem 1. Policyholder xxxxx Co., LtdAddress xxxItem 2. Policy Period From xxxTo xxx(bothdaysinclusive)Item 3. Limit of Liability XXXA ny one claim and in the annual aggregate for all loss,arising out of all claims made against all insureds underall insurance covers combined (including defense costs) Item 4. Retention Insurance cover B and indemnifiable loss:XXXFor any one claim including any judgments, settlementsor final agreementsAs specified in 5.4 Retention, only one retention shallbe applied for loss arising from any claim or claimsalleging a single wrongful act.Item 5. Premium XXXItem 6. Continuity Dates(i) Pending & Prior litigation: XXX(ii)Pollutionclaims: XXXXItem 7. New Subsidiary XX% of the policyholder’s total assets CoverItem 8. Territorial Scope/ Worldwide including U.S.A./Canada JurisdictionSIGNED FOR AND ON BEHALF OF THE INSURERBY AUTHORIZED REPRESENTATIVE:AMERICAN INTERNATIONAL UNDERWRITERS, LIMITED DATE: XXDIRECTORS & OFFICERS LIABILITY INSURANCEIn consideration of the payment of the premium, the Insurer agrees as follows:Cover1. InsuranceA: Directors and Officers LiabilityInsurer shall pay the Loss of each Insured resulting from any Claim first made against Thethe Insured during the policy period for any Wrongful Act in the Insured’s capacity as a director, officer or employee of the Company except for and to the extent that the Company has indemnified the Insured.B: CorporateReimbursementThe Insurer shall pay the Loss of the Company resulting from any Claim first made against the Insured during the policy period for any Wrongful Act in the Insured’s capacity as a director, officer or employee of the Company but only when and to the extent that the Company has indemnified the Insured for the Loss.Subject to the terms and conditions of this Policy, the Insurer shall advance defense costs resulting from any Claim before its final resolution.2. Definitions2.1 Associated Company means any Company of which the policyholder owns on or before theinception of the policy period more than 20 percent but less than or equal to 50 percent of the issued and outstanding voting shares either directly or indirectly through one or more of its subsidiaries.2.2 Claim means:(i) any suit or proceeding brought by any person or organization against an Insured formonetary damages or other relief, including non-pecuniary relief;(ii) any written demand from any person or organization that it is the intention of the person or organization to hold an Insured responsible for the results of any specifiedWrongful Act;(iii) any criminal prosecution brought against an Insured;(iv) any administrative or regulatory proceeding or official investigation regarding any specified Wrongful Act of an Insured;Any Claim or Claim s arising out of, based upon or attributable to a single Wrongful Act shall be considered to be a single Claim for the purposes of this Policy.2.3 Company means the policyholder specified in Item 1 of the Schedule and any subsidiary,division, sector, region, product group or other internal company structure or segment detailed in an organization chart or similar document and which has been granted this status by the policyholder or any subsidiary before the date of the Wrongful Act.2.4 Continuity date(s)means the date(s) specified in Item 6 of the Schedule. The pending andprior litigation continuity date shall be the date from which the policyholder has maintained uninterrupted cover with the Insurer, or with any other Insurer if the initial proposal form submitted to such Insurer is provided to and accepted by the Insurer at the inception of this policy, or such other date(s) as agreed with the Insurer.2.5 Defense costs means reasonable and necessary fees, costs and expenses incurred with thewritten consent of the Insurer (including premiums for any appeal bond, attachment bond or similar bond, but without obligation to apply for or furnish any bond) resulting solely from the investigation, adjustment, defense and appeal of any Claim but shall not include the salary of any Insured.2.6 Director or officer means any natural person duly appointed or elected as a director or officerof the Company.2.7 Discovery period means the period of time specified in Extension 4.3, immediately followingthe termination of this Policy during which written notice may be given to the Insurer of any Claim first made against the Insured during such period of time for any Wrongful Act occurring prior to the end of the policy period and otherwise covered by this Policy.2.8 Employment Practice Claim means any Claim or series of related Claim s relating to a past,present or prospective employee of the Company and arising out of any actual or alleged unfair or wrongful dismissal, discharge or termination, either actual or constructive, of employment, employment-related misrepresentation, wrongful failure to employ or promote, wrongful deprivation of career opportunities, wrongful discipline; failure to furnish accurate job references; failure to grant tenure or negligent employee evaluation; or sexual or workplace or racial or disability harassment of any kind (including the alleged creation of a harassing workplace environment); or unlawful discrimination, whether direct, indirect, intentional or unintentional, or failure to provide adequate employee policies and procedures.2.9 Full annual premium means the annual premium level in effect immediately prior to the endof the policy period.2.10 Insured means any natural person who was, is, or shall become a director or officer of theCompany, or any natural person who is a trustee of a pension, retirement or provident benefit fund established for the benefit of the employees of the Company.Cover will automatically apply to any natural person who becomes a director or officer after the inception date of this Policy. Insured shall include any employee of the Company, but only for a Claim or Claim s alleging Wrongful Act(s) committed by the employee in a managerial or supervisory capacity. With respect to an Employment Practice Claim only, Insured shall include any past, present or future employee of the Company.2.11 Insurer means AIU Insurance Company Guangzhou Branch.2.12 Loss means damages, judgments, settlements and defense costs; however, Loss shall notinclude civil or criminal fines or penalties imposed by law, non-compensatory damages including punitive or exemplary damages, taxes, any amount for which the Insured is not legally liable or matters which may be considered uninsurable under the law pursuant to which this policy shall be construed. Damages, judgments, settlements and defense costs incurred in more than one Claim against the Insured but resulting from a single Wrongful Act shall constitute a single Loss.2.13 No liability means:(i) a final judgment of no liability obtained prior to trial in favor of all Insured s by reasonof a motion to dismiss or a motion for summary judgment after the exhaustion of allappeals; or(ii) a final judgment of no liability obtained after trial in favor of all Insured s, after the exhaustion of all appeals.In no event shall the term no liability apply to a Claim made against an Insured for which a settlement has occurred.2.14 Not-for-profit entity means an entity registered with the Registrar of Companies underSection 21(1) of the Companies Ordinance (Cap.32) or any similar entity organized under the laws of any other jurisdiction, or a trade association which for the purposes of this policy shall mean a body of persons, whether incorporated or not, which is formed for the purpose of furthering the trade interests of its members, or of persons represented by its members.2.15 Outside entity means any associated Company, any not-for-profit entity or any othercorporation, partnership, joint venture or other organization which has been listed by endorsement to this policy.2.16 Policyholder means the organization specified in Item 1 of the Schedule.2.17 Policy period means the period of time from the inception date to the expiry date specified inItem 2 of the Schedule.2.18 Pollutants include (but are not limited to) any solid, liquid, gaseous or thermal irritant orcontaminant, including smoke, vapor, soot, fumes, acids, alkalis, chemicals and waste. Waste includes (but is not limited to) material to be recycled, reconditioned or reclaimed.2.19 Security means any note, stock, bond, debenture, evidence of indebtedness, share or otherequity or debt security of the Company, and shall include any certificate of interest or participation in, receipt for, warrant or other right to subscribe to or purchase, voting trust certificate relating to, certificate of deposit for, or other interest in any of the foregoing.2.20 Single Wrongful Act means a Wrongful Act or any related, continuous or repeated WrongfulAct s, whether committed by the Insured individually or by more than one Insured and whether directed to or affecting one or more than one person or legal entity.2.21 Subsidiary means companies in which the policyholder, either directly or indirectly throughone or more of its subsidiaries;(i) controls the composition of the board of directors; or(ii) controls more than half of the voting power; or(iii) holds more than half of the issued share capital.Cover for any Claim against any of the director s, officer s and employees of any subsidiary shall apply only for Wrongful Act(s) committed while such company is a subsidiary of the policyholder. However, upon written request by the policyholder, the Insurer shall consider, after assessment and evaluation of the increased exposure, granting cover for Wrongful Act(s) committed prior to the acquisition of the subsidiary by the policyholder.2.22 Transaction means anyone of the following events:policyholder consolidates with or merges into or sells all or substantially all of its (i) theassets to any other person or entity or group of persons and/or entities acting inconcert; or(ii) any person or entity, whether individually or together with any other person or persons, entity or entities acquires an amount of the outstanding shares representingmore than 50 percent of the voting power for the election of director s of thepolicyholder, or acquires the voting rights for such an amount of the shares.2.23 Wrongful Act means any actual or alleged breach of duty, breach of trust, neglect, error,misstatement, misleading statement, omission, breach of warranty of authority or other act by the director s, officer s or employees in their respective capacities as a director, officer or employee of the company or as a director, or officer of any outside entity, or any matterClaim ed against them solely because of their status as a director , officer or employee of the Company .3. ExclusionsThe Insurer shall not be liable to make any payment for Loss in connection with any Claim made against the Insured :3.1 arising out of, based upon or attributable to:(i) the gaining in fact of any personal profit or advantage to which the Insured was notlegally entitled;(ii) profits in fact made from the purchase or sale by the Insured of securities of theCompany within the meaning of Section 16(b) of the Securities Exchange Act of 1934(USA) and any amendments thereto or similar provisions of any state statutory law;(iii) the committing in fact of any dishonest or fraudulent act.For the purpose of determining the applicability of these exclusions, the Wrongful Act of anyInsured shall not be imputed to any other Insured . These exclusions shall only apply if it is established through a judgment, or any other final adjudication adverse to the Insured , or any admission by an Insured that the relevant conduct did in fact occur;3.2 arising out of, based upon or attributable to the facts alleged or to the same or relatedWrongful Act (s) alleged or contained in any Claim which has been reported or in any circumstances of which notice has been given under any policy of which this policy is a renewal or replacement or which it may succeed in time;3.3 arising out of, based upon or attributable to any pending or prior litigation as of the pendingand prior litigation continuity date specified in Item 6(i) of the Schedule, or alleging or deriving from the same or essentially the same facts as alleged in the pending or prior litigation;3.4 which are brought by or on behalf of any Insured or the Company ; provided, however, thatthis exclusion shall not apply to:(i) any Employment Practice C laim brought by any Insured ;(ii) any Claim brought or maintained by an Insured for contribution or indemnity, if theClaim directly results from another Claim otherwise covered under this Policy;(iii) any shareholder derivative action brought or maintained on behalf of the Company without the solicitation, assistance or participation of any Insured or the Company;Claim brought or maintained by a liquidator, receiver or administrative receiver any(iv)either directly or derivatively on behalf of the Company without the solicitation,assistance or participation of any Insured or the Company;anyClaim brought by an Insured or employee of the Company in their capacities as (v)members or beneficiaries of any pension, retirement or provident benefit fundestablished for the benefit of any director, secretary, executive officer or employee ofthe Company;Claim brought or maintained by any former director, officer or employee of the (vi)anyCompany.3.5 arising out of, based upon or attributable to or in any way involving, directly or indirectly, theactual, alleged or threatened discharge, dispersal, release or escape of pollutants; or any direction or request to test for, monitor, clean up, remove, contain, treat, detoxify or neutralize pollutants, nuclear material or nuclear waste.Provided, however, that the exclusion shall not apply to any Claim made against the Insured by any shareholder of the Company either directly or derivatively, alleging damage to the Company or its shareholders, unless on or before the pollution continuity date specified in item 6(ii) of the Schedule, the Company, the Insured or any employee of the Company with managerial responsibilities over environmental affairs, control or compliance, knew or could have reasonably foreseen that there existed any situation, circumstance or Wrongful Act which could have given rise to a Claim against the Company, or the Insured.3.6 arising from the actual or alleged violation of any responsibilities, obligations or dutiesimposed by the Employee Retirement Income Security Act of 1974 (USA) or any amendment thereto;3.7 arising out of, based upon or attributable to any act or omission in the Insured’s capacity as adirector or officer of any entity other than the Company, or by reason of the Insured’s status as a director, officer or employee of the other entity, other than as provided in Extension 4.2;3.8 for bodily injury, sickness, disease, death or emotional distress of any person, or damage to ordestruction of any tangible property, including Loss of use thereof; provided, however, that any Claim for emotional distress shall not be excluded with respect to an Employment Practice C laim.4. ExtensionsSubject to all of the terms and conditions of this policy, cover is extended as follows:4.1 New SubsidiariesCover under this policy is extended to any subsidiary which the policyholder acquires or creates after the inception date of this policy provided that the subsidiary has total gross assets which are less than the amount specified in Item 7 of the Schedule(i) either in the United States of America or Canada; and(ii) does not have a listing of any of its securities on any exchange in the United States of America or Canada.If a newly acquired or created subsidiary fails to meet conditions (i) and (ii) above, the policyholder may request an extension of this policy for such subsidiary provided that the policyholder shall give the Insurer sufficient details to permit the Insurer to assess and evaluate the Insurer’s potential increase in exposure. The Insurer shall be entitled to amend the policy terms and conditions, during the policy period, including by the charging of a reasonable additional premium.Unless otherwise agreed, cover as is afforded to the director s, officer s or employees of any subsidiary by virtue of this extension shall only apply for Wrongful Act(s) committed while such company is or was a subsidiary of the policyholder.4.2 Outside DirectorshipsCover includes Loss arising from any Claim made against any Insured who was, is or may become, at the specific request of the Company, a director or officer of any outside entity for any Wrongful Act in the Insured’s capacity as a director or officer of the outside entity.This cover shall be specifically excess of any insurance in force in respect of the outside entity as well as any indemnification provided by the outside entity. If the other insurance is provided by the Insurer or any member company of American International Group (or would be provided except for the application of the retention amount or the exhaustion of the limit of liability), then the total aggregate limit of liability for all Loss covered by virtue of this extension shall be reduced by the limit of liability specified in the schedule of the other American International Group insurance provided to the outside entity.The cover provided by this clause shall not apply in connection with any Claim made against any Insured by the outside entity, any of its director s or officer s or any shareholder of the outside entity holding more than 20 percent of the issued and outstanding voting share capital of the outside entity.4.3 Discovery PeriodIf the policyholder refuses to renew this policy, then the policyholder shall have the right, upon payment of an additional premium of 50 percent of the full annual premium to a discovery period of 12 months following the effective date of non-renewal.If the Insurer refuses to offer any terms or conditions to renew this policy, then the policyholder shall have the right to purchase a discovery period of 12 months for 25 percent of the full annual premium.The Insured shall be entitled to a 30 day discovery period at no additional premium if this policy is not renewed by either the policyholder or the Insurer. If the policyholder elects to purchase a discovery period, this 30-day discovery period shall be part of and not in addition to the purchased discovery period.To purchase the discovery period, the policyholder must request its purchase in writing within15 days of the termination date of the policy and must tender the additional premium within30 days of the termination date. The additional premium is not refundable and the discoveryperiod is not cancelable.If a transaction takes place, then the policyholder shall not have the right to purchase a discovery period as set out above. However, the policyholder shall have the right within 30 days of the end of the policy period to request an offer from the Insurer of a discovery period for up to 72 months. The Insurer shall offer a discovery period with terms, conditions and premium as the Insurer may reasonably decide.4.4. Heirs, Estates and Legal RepresentativesIf an Insured dies, becomes incompetent, insolvent or bankrupt, this policy shall cover Loss arising from any Claim made against the estate, heirs, or legal representatives of the Insured for any Wrongful Act of such Insured.4.5 Joint Property LiabilityThis Policy shall cover Loss arising from any Claim made against the lawful spouse (whether that status is derived by reason of the statutory law, common law or otherwise of any applicable jurisdiction in the world) of an Insured for any Claim arising out of his or her status as the spouse of an Insured including any Claim that seeks damages recoverable from marital community property or property jointly held by the Insured and the spouse; provided, however, that this extension shall not afford cover for any Claim for any Wrongful Act of the spouse and that this policy shall apply only to Wrongful Act(s) of an Insured.Provisions5. General5.1 Representation and SeverabilityIn granting cover to any one Insured, the Insurer has relied upon the material statements and particulars in the proposal together with its attachments and other information supplied.These statements, attachments and information are the basis of cover and shall be considered incorporated and constituting part of this policy.The proposal shall be construed as a separate proposal by each of the Insured s. With respect to statements and particulars in the proposal, no statements made or knowledge possessed by any Insured shall be imputed to any other Insured to determine whether cover is available for any Claim made against such other Insured.5.2 Changes in Risk During Policy period(i) If during the policy period a transaction takes place, then the cover provided underthis policy is amended to apply only to Wrongful Act(s) committed prior to theeffective date of the transaction.policy period, the Company decides to make an initial offering of itsthe(ii) Ifduringsecurities in any jurisdiction, whether its securities are already traded or not, by anymeans, public or private, then as soon as the information is publicly available, theCompany shall provide the Insurer with any prospectus or offering statement for theInsurer’s evaluation and assessment of the increased exposure of the Insured and theInsurer shall be entitled to amend the terms and conditions of this policy and/orcharge a reasonable additional premium reflecting the increase in exposure. At thepolicyholder’s request, prior to the public announcement of such securities offering,the Insurer shall evaluate and assess the increased exposure and advise of allnecessary amendments to the terms and conditions of this policy and additionalpremium. In this event and at the request of the policyholder, the Insurer will enterinto a confidentiality agreement with the policyholder relating to any informationprovided regarding the proposed securities offering.5.3 Limit of LiabilityThe limit of liability specified in Item 3 of the Schedule is the total aggregate limit of the Insurer’s liability for all Loss, arising out of all Claims made against all Insured s under all insurance covers under this policy combined. The limit of liability for the discovery period shall be part of and not in addition to the total aggregate limit of liability for the policy period.Loss arising from any Claim which is made subsequent to the policy period or discovery period which pursuant to General Provision 5.5 is considered made during the policy period or discovery period shall also be subject to the same total aggregate limit of liability. Defense costs are not payable by the Insurer in addition to the total aggregate limit of liability.Defense costs are part of Loss and are subject to the total aggregate limit of liability for Loss.5.4 RetentionThe Insurer shall only be liable for the amount of Loss arising from a Claim which is in excess of the retention amount specified in Item 4 of the Schedule with regard to all Loss under all insurance covers under this policy for which the Company has indemnified or is permitted or required to indemnify the Insured. The retention amount is to be borne by the Company and shall remain unInsured. A single retention amount shall apply to Loss arising from all Claim s alleging a single Wrongful Act.Provided, however, that no retention shall apply and the Insurer shall thereupon reimburse any defense costs paid by the Company, in the event of:(i) a determination of no liability of all Insured s, or(ii) a dismissal or a stipulation to dismiss the Claim without prejudice and without the payment of any consideration by any Insured.Provided, however, that in the case of (ii) above, such reimbursement shall occur 90 days after the date of dismissal or stipulation as long as the Claim is not re-brought (or any other Claim which is subject to the same single retention by virtue of this General provision 5.4 is not brought) within that time, and further subject to an undertaking by the Company in a form acceptable to the Insurer that such reimbursement shall be paid back by the Company to the Insurer in the event the Claim (or any other Claim which is subject to the same single retention by virtue of this General Provision 5.4) is brought after such 90 day period.5.5 How to Give Notice and Report a Claim(i) Notice of a Claim or of circumstances which may result in a Claim shall be given inwriting to Financial Lines Claims, at the head office of the Insurer as shown on thedeclarations page. If posted the date of posting shall constitute the date that noticewas given, and proof of posting shall be sufficient proof of notice.Company or the Insured shall, as a condition precedent to the obligations of the (ii) TheInsurer under this policy, give written notice to the Insurer of any Claim made againstan Insured as soon as practicable and either:(a) any time during the policy period or during the discovery period; or(b) within 30 days after the end of the policy period or the discovery period, aslong as such Claim(s) is reported no later than 30 days after the date suchClaim was first made against an Insured.(iii) If, during the policy period or during the discovery period written notice of a Claim against an Insured has been given to the Insurer pursuant to the terms and conditionsof this policy, then any Claim arising out of, based upon or attributable to the factsalleged in the Claim previously notified to the Insurer or alleging a single WrongfulAct which is the same as or related to any Wrongful Act alleged in the previouslynotified Claim, shall be considered made against the Insured and reported to theInsurer at the time the first notice was given.(iv) If during the policy period or during the discovery period, the Company or the Insured shall become aware of any circumstances which may reasonably be expected to giverise to a Claim being made against an Insured and shall give written notice to theInsurer of the circumstances and the reasons for anticipating a Claim, with fullparticulars as to dates and persons involved, then any Claim which is subsequentlymade against an Insured and reported to the Insurer arising out of, based upon orattributable to the circumstances or alleging any Wrongful Act which is the same as orrelated to any Wrongful Act alleged or contained in those circumstances, shall beconsidered made against the Insured and reported to the Insurer at the time the noticeof the circumstances was first given.5.6 Advancement of CostsThe Insurer shall advance to the Insured or the Company defense costs under all insurance covers under this policy before the final disposition of the Claim. The advance payments by the Insurer shall be repaid to the Insurer by the Company or the Insured, severally according to their respective interests, in the event and to the extent that the Company or the Insured shall not be entitled to payment of the Loss under the terms and conditions of this policy.In the event and to the extent that the Company is permitted or required to indemnify the Insured but for whatever reason fails to do so, the Insurer will advance all defense costs to the Insured on behalf of the Company. In this case, however, the retention amount specified in Item 4 of the Schedule shall be repaid by the Company to the Insurer, unless the Company is insolvent.5.7 How Defense Will Be ConductedThe Insured shall have the right and duly to defend and contest any Claim. The Insurer shall have the right to effectively associate with the Insured and the Company in the defense and settlement of any Claim that appears reasonably likely to involve the Insurer, including but not limited to effectively associating in the negotiation of any settlement.The Insured shall not admit or assume any liability, enter into any settlement agreement, stipulate to any judgment or incur any defense costs without the prior written consent of the Insurer as a condition precedent to the Insurer’s liability for Loss arising out of the Claim.Only those settlements, stipulated judgments and defense costs which have been consented to by the Insurer shall be recoverable as Loss under the terms of this policy. The Insurer’s consent shall not be unreasonably withheld, provided that the Insurer shall be entitled to effectively associate in the defense and the negotiation of any settlement of any Claim in order to reach a decision as to reasonableness.。
公司董事责任保险法律问题探究【分享】
公司董事责任保险法律问题探究摘要：2005年新《公司法》的颁布，加重了董事责任和义务，一方面保证了公司董事、经理在进行决策、经营的过程中，更能勤勉自律；另一方面也会压抑公司董事、经理的创新性，在具体业务操作中会影响到其才智的发挥。
因此加大力度，引入董事责任保险制度势在必行。
董事责任保险能合理地降低因可以理解的经营过失而导致的责任，发挥董事经营的积极性和创新精神。
关键词：董事义务；董事责任保险；保险利益一、董事责任保险的历史沿革20世纪30年代，董事责任保险在美国得到了最早承认并被广泛使用。
20 世纪30年代出现在美国的专门以公司经营者的赔偿责任为对象的保险可以说是董事责任保险的最初形式。
当时，欧洲各国还没有类似的险种。
美国的董事责任保险在20世纪60年代后得到了较快发展，法律实践的重心也相应地由补偿转向保险。
美国几乎所有州的公司法均规定公司具有购买董事保险的权利。
80 年代以后，美国股东代表诉讼急增，诉讼额增大，给广大保险市场造成了危机。
许多保险公司从董事保险业务中撤出或者降低最大保险金额，提高保险费。
此外，对申请加入董事保险的公司进行严格审查，对业绩较差、董事责任风险较大的公司不予签订董事保险合同。
英国虽有高昂的律师收费，但针对董事和高级职员个人的诉讼远没有美国频繁，因而英国的董事责任保险并不象美国那样红火。
在德国、西班牙等国，由公司为董事和高级职员购买责任险的做法尚未得到法律的明确认可，这些国家的保险公司一般都不开设这一险种。
日本于1980年由三井海上火灾保险公司对董事保险进行专项研究。
1990年三井海上保险公司首先取得日本政府的认可，开始发卖董事保险，次年其他保险公司也取得了政府认可，在日本全面开展了董事保险业务。
我国2002年1月颁布《上市公司治理准则》，允许上市公司为董事购买保险，以解除董事的后顾之忧。
随后，平安保险公司于2002年1月24日率先推出董事责任保险业务。
由于我国企业公司制改革的时间较短，董事的民事责任制度、利益保护机制存在的立法缺陷，这些都成为董事责任保险开展的巨大制度障碍。
美国的董事责任保险制度
美国的董事责任保险制度蔡元庆（深圳大学，山东５１０２７５）摘要：在现代市场经济蒂件下，任何一十企业要想从激烈的竞争中取得成功，有时必须冒一定的风险。
而作为公司的经营决策机关，董事、经理等经营者就必须随时去面对这些风险。
为了分散经营者在经营中的风陆．使有才能的经营音放心、大胆地施展其经营管理才能．就必须有一系列救济其经营责任的措施，董事责任保险制度就被认为是其中最有效的一项。
本文通过对董事责任保险最为普厦的美国的该项制度的研究，探讨如何完善我圆的董事责任保陆制度。
关键词：心司治理结构；董事责任保险；舟司补偿制度；公共政策中图分类号：ＤＦ４３８．４文献标识码：Ａ一、问题的所在在现代公司治理结构中，董事会及董事扮演了一个非常重要的角色。
在公司中，董事会被定位为公司的经营决策机构，但现实中公司的具体业务是由执行董事或经理来实施的。
由于企业经营是一种随时都伴随着风险的活动，当董事在经营过程中，由于判断失误或市场形势的变化等原因而给公司带来损失时，公司或者股东都可以提起追究董事对公司责任的诉讼。
正是由于经营决策风险和随时可能会被追究责任的风险是任何一名董事在执行职务时所不可避免的，因此在强化董事责任的同时，如何确保有才能的董事安心为公司服务，也是各国公司法研究的重要课题之一。
就美国而言，为了降低董事履行职责时可能引致的风险，避免那些基于不正当目的的代表诉讼的威胁，在保护董事方面，主要有经营判断的原则（Ｂｕｓｉ－ｈｅｓｓＪｕｄｇｍｅｎｔＲｕｌｅ）、公司补偿制度（Ｃｏｒｐｏｒａｔｉｏｎｌｎｄｅｍ—ｎｉｆｉｅａｔｉｏｎ）、董事责任保险制度、董事责任限制及免除制度（ＤｉｒｅｃｔｏｒｓⅫｄＯｆｆｉｃｅｒｓＬｉａｂｉｌｉｔｙＬｉｍｉｔａｔｉｏｎ）等几项措施。
其中，被认为最行之有效的是董事责任保险制度。
董事责任保险（ＤｉｒｅｃｔｏｒｓａｎｄＯｆｆｉｃｅｒｓＬｉａｂｉｌｉｔｙｌｎｓｕｒ－ａｌｉｃｅ简称Ｄ＆０ＬｉａｂｉｌｉｔｙＩｎｓｕｒａｎｃｅ或Ｄ＆０ｌｎｓｕｒ—ａｎｃｅ），是指以董事或高级职员对公司及债权人应负担的民事赔偿责任为标的的一种保险。
Directors and Officers Liability Insuranceprice inflated
D&O insurance prices inflated(2011-08-30)A group of 34 Chinese enterprises listed in America this year suffered another class action; the third directed at Chinese enterprises since 2007, according to a report on Asia IPO Risk Management, issued by Mar sh, the world’s leading insurance broker and risk advisor on August 30.In order to avoid the risk of class action, most enterprises choose to buy Directors and Officers Liability Insurance (D&O insurance). D&O insurance mainly solves issues of counterplea, the cost of reconciliation, and court judgment fees.However, there are many uncertainties involved with D&O insurance, according to Wei Gang, the senior vice president of Marsh China and head of financial and professional responsibility insurance.With increasing risks, at least 30 percent of insurance companies providing D&O insurance temporarily paused the business, while those still supplying increased prices.The price of D&O insurance is increasing "day by day", not "month by month", according to Wei.The price of D&O insurance has increased at least 3 times within this year, according to Chartis, Zurich and other contractors of D&O insurance.Before the first overseas class action directed at Chinese enterprises, there were less than 30 insurance companies providing D&O insurance.Underwriting D&O insurance involves the company's financial structure, business mode, and corporate governance. The changing environment of the market also adds to the complex process of rate making.。
董事高管责任保险能否抑制股价崩盘风险
董事高管责任保险能否抑制股价崩盘风险摘要：股价崩盘严重损害投资者利益并阻碍股票市场健康发展，因此探寻抑制股价崩盘风险的手段成为当前公司治理与企业财务领域关注的热点问题。
使用2009-2013 年我国A 股上市公司数据为样本，实证检验董事高管责任保险与公司股价崩盘风险之间的关系。
研究发现：上市公司购买董事高管责任保险能有效监督与约束高管利己行为，进而降低股价崩盘风险。
该结论有助于深入了解董事高管责任保险，同时也为监管部门遏制股价崩盘现象提供了新的思路。
关键词：董事高管责任保险；股价崩盘风险；公司治理中图分类号：F840.69;文献标志码：A;文章编号：一、引言随着我国经济的转型升级与证券市场的改革发展，证券市场股价崩盘事件日益频繁。
如2012年10月，万福生科因财务造假导致股价短期内暴跌17.13%; 2013年4月，南风股份涉嫌内幕交易造成股价持续性下跌; 2014 年 4 月，因高管违规并购遭遇司法调查，华润集团旗下公司股票全线崩盘等等。
股价崩盘作为一种较为常见的市场现象，不仅会使股东财富缩水，打击中小投资者信心，而且会降低资源配置效率，危害资本市场稳定，并严重阻碍实体经济的发展。
因此，深入讨论股价崩盘的形成原因与作用机制，并寻找抑制股价崩盘风险的方法，对保障投资者利益以及维护证券市场健康发展都具有积极的意义，同时也是近年学术研究的热点论题。
国外学界对于股价崩盘风险的研究起始于上世纪七八十年代，但直到近年才有学者从代理理论出发对其进行系统阐释。
Jin和Myers (2006)指出，企业管理者出于对个人薪酬契约、工作稳定、行业声誉以及构建商业帝国等目标的考虑，往往会利用其与外部投资者之间信息不对称来隐藏公司的不利消息，然而随着时间推移，不利消息会逐渐累积并最终超出公司承载能力，最终集中释放到证券市场中，引起股票价格暴跌[1] 。
基于上述理论，学者们分别从机构投资者行为、投资者保护水平、会计稳健性等角度出发，对股价崩盘风险的影响因素展开研究 (许年行等，2013；王化成和曹丰，2014；Kim 和Zhang，2015) [2-4] 。
董事责任保险保险保险保险合同风险控制
董事责任保险合同风险控制引言在现代企业管理中，董事及高管面临众多法律风险，其管理决策可能会引发诉讼或索赔。
为了降低这些风险，越来越多的公司选择为其董事和管理层投保董事责任保险（Directors and Officers Insurance，简称D&O保险）。
本文将探讨董事责任保险的基本概念、保险合同中可能存在的风险及其控制措施。
董事责任保险的基本概念董事责任保险是一种为公司董事和高管提供法律保护的保险产品。
该保险旨在涵盖因其在职务中所作出的决策和行为所引发的法律责任，包括但不限于：•股东诉讼•管理失误•证券欺诈•违反信托责任通常情况下，董事责任保险的投保主体是公司本身，受益人则是公司的董事及高管。
这种保险能够有效降低高管因工作导虽然产生的法律风险，从而吸引优秀人才，加快企业决策的速度。
保险合同中的风险尽管董事责任保险为公司和董事提供了一层保护，但保险合同中也存在一些潜在的风险，主要包括：1. 免责条款许多保险公司在合同中会设定免责条款，限制保险责任的范围。
例如，故意不当行为、欺诈行为或违反法律法规等情况，通常不在保险保障范围内。
因此，在签署保险合同时，企业需仔细审读免责条款，确保充分理解相关风险。
2. 保额不足企业在购买董事责任保险时，可能由于成本等原因对保额进行不合理的压缩。
若诉讼金额超过保险的保额，企业将不得不自行承担超出部分的费用。
因此，企业需根据其业务规模和潜在风险，合理规划保额，以达到全面的风险保障。
3. 自负责任条款一些保险合约中可能包含自负责任条款，即在赔付之前，保险公司要求投保人先自行承担一定金额的损失。
这可能导致董事在面临诉讼时的经济负担加重。
因此，在投保时，企业应评估自负责任条款对自身财务的影响。
4. 承保范围局限不同的保险产品在承保范围上有所不同，企业需选择合适的产品以满足自身需求。
例如，有些保险可能不包括海外业务，或不涵盖特定的行业风险。
因此，企业应该仔细核对保险条款，确保产品能涵盖其潜在的法律风险。
华泰D&O投保单
董(监)事及高级职员责任险投保单Proposal for Directors’ & Officers’ Liability Insurance1、本投保单共计12页，请以中文/英文作答。
This Proposal has 12 pages. Please fill in the Proposal by using either Chinese or English.2、若填写位置不足，请另附其它纸张回答。
If you need additional space for any questions, please attach a separate sheet of paper.3、华泰对投保单各项填写内容，除作为承保及相关保险处理程序上的参考外，不另作其它用途，并予以保密。
The information provided in the Proposal will only be used for underwriting and related processes, and it will be treated confidentially.4、随本投保单请附以下资料:Please attach the following information:i. 最近一期的年报及已审会计报表;The latest Annual Report and Audited Accounts for the Company;ii. 如果有，请提供贵公司最新之季报或半年报;T he last Interim Statement (if applicable);iii. 贵公司在最近的十二个月之内，曾经对外公开的证券发行报告或说明书;Any Offer Document / Listing Particulars published in the last 12 months;iv. 在公司备忘录或组织章程中，有关于董、监事或重要主管责任的相关补偿规定;The Indemnity Provisions in the Company’s Memorandum and Articles of Association;v. 如贵公司已进行或将会进行管理层收购，或是一家新创公司，请提供含财务分析及预测的商业计划F or management buy-outs / start up businesses, please enclose a copy of the business plan including anyfinancial projections5、注意事项:Attention:i. 在完成下列的问题之前，请先参阅第10、11页的重要注意事项Before completing this proposal please read the important notice on page 10 & 11;ii. 请据实回答全部的问题，并可依问题之要求以“是”或“不是”回答Please answer all questions. When required, answer either “Yes” or “No”;iii. 本投保单应于征询被保险人后详细填写This proposal should be answered after detailed enquiry of all persons to be covered;iv. 签署本投保单并不代表投保人购买本保险合同Signing this proposal does not bind the Proposer to complete this insurance.第一部分: 投保人/投保公司资料Part I: Proposer Details1. 投保人/投保公司的名称:Name of the Proposer: _________________________________________________________________________ 投保人/投保公司的注册地址Address of the Proposer: _________________________________________________________________________ 网址Website: ______________________联系人Contact person: ______________________电话Tel: ______________________传真Fax: ______________________电邮E-mail: ______________________2.贵公司所经营的业务性质, 贵公司经营目前业务已有多久What are the business activities of the Company? How long has the Company continually carried on business?__________________________________________________________________________________________________ __________________________________________________________________________________________________3.贵公司曾使用过的商号及使用期限Under what names, and between what dates, was the business of the Company previously carried on?__________________________________________________________________________________________________ __________________________________________________________________________________________________4. 贵公司为Is the Company:(a) 公募Public / 私募Private(b)如果是上市公司，在哪个交易所挂牌Listed on which stock exchange(s) if it is a listed company?______________________________________________________________________________________________(c)是否知悉任何已在进行中或已在计划中的股权收购或购并Aware of any acquisition, tender offer or merger pending or under consideration?Yes No(d)是否知悉任何有关其它公司收购贵公司的提议Aware of any proposal relating to its acquisition by another company?Yes No(e)贵公司是否计划下一年度在国内或国外进行募资Intending a public offering of securities within the next year in China or elsewhere?Yes No若4(c) 至4(e) 的答案为“是”，请提供详细资料If YES on 4(c) to 4(e), please provide details.__________________________________________________________________________________________________ __________________________________________________________________________________________________5. 请列出贵公司之子公司的名称和经营的业务性质Please provide the name and the business activities of the subsidiary companies?__________________________________________________________________________________________________ __________________________________________________________________________________________________6. 在最近的五年中During the last five years has:(a) 贵公司或子公司是否并购过其它公司Any acquisition or merger taken place involving the Company or any subsidiary?Yes No(b) 贵公司是否出售过旗下子公司或者宣布子公司停止营业Any subsidiary company been sold or ceased trading?Yes No若6(a) 至6(b) 的答案为”是”，提供详细资料If YES on 6(a) to 6(b), please provide details.__________________________________________________________________________________________________ __________________________________________________________________________________________________7. 请提供有关贵公司董事会直接掌管的例如审计、运营管理、聘任、薪酬、战略规划等委员会的详细情况Please provide the following details of all Committees operated by the Board of Directors of the Company including, but not limited to, audit, corporate governance, nomination, remuneration and strategy committees.8. 请列出Please list:(a) 股东总(人)数Total number of shareholders;________________________(b) 由贵公司董(监)事、高级职员、董事会秘书及公司其他职员的持股比例(包含直接及受益股份)Total number of shares held by directors, officers, company secretaries or employees (both direct and beneficial);______________________________________________________________________________________________ ______________________________________________________________________________________________(c) 所有持股权达到或超过5%的股东及其持股比例All holdings representing 5% or more of the Ordinary share capital of the Company and the percentage held by each.______________________________________________________________________________________________ ______________________________________________________________________________________________ ______________________________________________________________________________________________9. 请提供在上一年度年报和已审计会计报表中披露的贵公司董(监)事及高级管理人员的变动明细Please provide details of any change to the list of directors and senior management given in the Company’s last annual report and audited accounts.__________________________________________________________________________________________________ __________________________________________________________________________________________________ __________________________________________________________________________________________________ __________________________________________________________________________________________________第二部分: 保险明细Part II: Insurance Details10. 请提供过去三年内曾投保过董监事责任保险之相关资料Please provide the following details of all Directors & Officers Liability Insurance held during the last three years:11. 是否曾有保险公司拒绝贵公司投保董监事责任险或续保请求，或在期中终止保险合同Has the Company ever had any Insurer decline a proposal cancel or refuse to renew a Directors & Officers Liability Insurance?Yes No若答案为“是”，请提供详细资料If YES, please provide details.__________________________________________________________________________________________________ __________________________________________________________________________________________________12. 贵公司欲投保的赔偿限额What Limit of Liability is required?_______________________________13. 贵公司打算自行负担的免赔额What Deductible is required?_______________________________第三部分: 损失情况Part III: Claims/Circumstances14. 贵公司及子公司的前任、现任董监事、高级职员、公司秘书或其他职员是否被提起过赔偿请求Have any claims ever been made against any past or present director, officer, company secretary or employee of the Company or of its subsidiaries?Yes No若答案为“是”，请提供详细资料If YES, please provide details.__________________________________________________________________________________________________ __________________________________________________________________________________________________15. 经调查了解，贵公司是否知悉任何可能导致索赔的事实、情形、行为和疏忽Is the Proposer aware, after enquiry, of any fact, circumstance, act or omission which may give rise to a claim?Yes No若答案为“是”，请提供详细资料If YES, please provide details.__________________________________________________________________________________________________ __________________________________________________________________________________________________注意:在问题14及15中所披露的事件或情况，将不在本保险单的承保范围之内。
经济法关于董责险
经济法关于董责险
董责险全称董监事及高级管理人员责任险（Directorsand Officers Liability Insurance，简称D&O保险）是为董监高（公司董事、监事和高级管理人员）在履职过程中因重大过失造成的第三方的经济损失提供补偿的保险，是一个提供管理责任保障的险种。
董责险只保障过失行为，不保障故意或违法犯罪行为。
以康美药业案为例，被明确写明“组织”“安排”“策划”“协调”“参与”财务造假的董监高属于故意行为，不在保障之列。
独立董事们只是在相关报告上签字，因未尽到勤勉尽职的义务属于工作疏忽或行为不当，可以被保障。
在实际过程中，保险公司不会充当“裁判员”的角色，故意违法行为的认定以监管机构出具的行政处罚决定书、投保人自认或经不可上述的司法程序终局的判决为准。
董责险的条款中约定有“可分性”条款，即部分董监高的不当行为不应认定为其他董监高同样知晓或有同样行为，且对于不知情、没有实际参与造假行为的董监高，保单仍对其有效。
如果公司和高管的赔偿责任有冲突，顺序上应该先赔偿董监高的相关损失，有一些保险公司也会按照提交理赔通知的顺序来决定赔偿顺序。
上市公司-董监高责任险简介(2021年版本)
董监高责任险简介（2021年版本）一、董监高责任保险定义董监高责任保险（Directorsand Officers Liability Insurance），是指公司董事、监事、高级管理人员在《公司法》明确的范围内行使职权时，因个人非故意过失而导致第三者遭受损失，依法应承担相应经济赔偿责任的风险时，由保险公司按照相关合同约定，对该过失导致的民事赔偿责任进行承担赔偿的保险。
二、董监高责任险的履行（一）投保人根据出资情况，投保人分为三类：1、上市公司董监高出资自行购买；2、上市公司自行购买；3、上市公司与董监高共同出资购买。
现行情况下，一般是上市公司进行购买。
（二）受益人上市公司董事、监事、高级管理人员或子公司董事、监事、高级管理人员（或者董监高责任险约束的其他自然人）。
三、主要承保范围根据《证券法》（2019年12月28日第十三届全国人民代表大会常务委员会第十五次会议第二次修订）之“第六章投资者保护第九十四条投资者与发行人、证券公司等发生纠纷的，双方可以向投资者保护机构申请调解。
普通投资者与证券公司发生证券业务纠纷，普通投资者提出调解请求的，证券公司不得拒绝。
投资者保护机构对损害投资者利益的行为，可以依法支持投资者向人民法院提起诉讼。
”综上，根据新《证券法》修订可以看出，投资者保护单独成篇，表明证监会对投资者保护更加完善，更是引入了投资者保护机构在一定权责范围内发起“集体诉讼”的规定，对上市公司内部控制、信息披露等方面监管趋于严格。
公司在购买董监高责任险时，要特别注意承保范围及相关条款，涵盖因“过失”而造成投资者损失所面临的民事赔偿范围，总结如下：（一）因虚假称述造成的民事赔偿责任因虚假陈述义务人在信息披露文件中，因【过失】而造成的违反证券法律规定，对重大事项作出违背事实真相的不正当披露行为。
要求虚假陈述义务人：（1）因主观方面【过失】而非【故意】作出的（2）违背事实真相的【不正当】披露行为（3）投资者因此【虚假称述】进行投资而造成其【经济损失】。
中日董事责任保险比较浅析
中日董事责任保险比较浅析作者：梁茜眭晓波来源：《柴达木开发研究》2008年第01期董事责任保险（Directors and Officers Liability Insurance, D&O Insurance）,全称是董事及高级管理人员责任及补偿保险，是将在激烈的商业竞争中由于公司的董事会成员或高级管理人员因工作过错导致第三者经济损失而依法承担的赔偿责任转嫁给保险公司，由保险公司按保险合同约定来承担赔偿。
董事责任保险激励清白的董事及高级管理者对不公正的指控坚决应诉，激励有责任心的人担任董事及高级管理者之职，抑制股东滥诉，并且在一定程度上保护了股东投资于公司的资产。
因此，这种保险形式在西方国家首先被作为吸引和挽留优秀管理人才的一种重要措施，其次还作为对投资者利益进行救济的一种补充手段而备受欢迎。
美国Tillinghast－Towers Perrin公司2000年的一份调查报告显示，在接受调查的2059家美国和加拿大公司中，96％的美国公司和88％的加拿大公司都购买了董事及高级管理者责任保险，其中科技、生化和银行类公司的董事及高级管理者购买率更是高达100%。
董事责任保险制度在美国、日本、英国等许多国家已经被广泛的推广和利用，成为保障企业正常发展的一个有效的法律制度。
我国董事责任保险的最早成文法依据是2001年8月16日发布的《中国证券监督管理委员会关于在上市公司建立独立董事制度的指导意见》，该意见第7条第6款规定：“上市公司可以建立必要的独立董事责任保险制度，以降低独立董事正常履行职责可能引致的风险。
”但此规定仅适用于上市公司的独立董事。
2002年1月7日中国证监会和国家经贸委发布了《上市公司治理准则》，该《准则》第39条规定：“经股东大会批准，上市公司可以为董事购买责任保险。
但董事因违反法律法规和公司章程规定而导致的责任除外。
”与《指导意见》相比，《准则》规定的被保险人范围显然要大，不再局限于独立董事。
董事与高级职员责任保险制度述评.doc
董事与高级职员责任保险制度述评-董事与高级职员责任保险（directors and officers liabbilityinsurance，简称D一、D各国法律对董事和高级职员的责任都有明确的规定，虽然具体条文会有些差异，但一般都包括：谨慎经营、忠于公司与股东、对雇员负责、向有权知情的人及时如实披露重要信息等。
企业或其他组织的经营管理是一项复杂的职业活动，董事和高级职员在工作中因自身能力、经验有限或其它一些客观原因而难免会出现过失行为（wrongful act）。
具体表现为，言行误导、信息披露失真、处理雇佣问题有欠公平、经营决策不当等。
这些行为无疑会给其所供职的组织造成经济上的损失，如导致公司股票市值下降，错失投资机会，或因伤害第三方利益等都有可能引发的针对个人和组织的索赔。
在过去相当长的时间里，对于最终由谁来承担这样的索赔争议很大。
根据一般的法律原则，董事和高级职员应承担损失，无权从所在组织获得补偿。
理由是各类组织机构都没有义务为其支付赔偿金。
随着经济环境的发展，董事和高级职员在各类组织，尤其是赢利性企业中的作用逐渐显现，他们的利益也愈发受到重视，一些公司开始通过内部协议建立对董事和高级职员的补偿机制。
但由于单个企业财力有限，且风险集中，补偿范围较小，条件也很苛刻，往往仅局限于他们因执行组织负责人的意图（有时包括误解负责人的意图）而造成的损失。
董事和高级职员的自主行为所造成的损失一般不在补偿之列，这就远远不能满足其合理的补偿要求。
进入20世纪以来，政府部门对企业经营管理的监督与约束越来越严，第三方对董事和高级职员提出民事赔偿的法律依据也越来越充分（注：如1934年美国颁布《证券交易法》（SEA），建立了证券民事赔偿制度。
），这就促使在企业之外建立一种对董事和高级职员职业责任的保障机制变得非常迫切，于是D作为职业责任保险之一，D比较典型的“过失行为”是指董事和高级职员个人或集团在履行职务过程中一切实际或企图实施的错误言行、误导言行、疏忽遗漏与违约行为；或者仅因为他们是董事和高级职员对某故事的发生而负有赔偿责任。
Willis Directors and officers liability insurance
Willis Directors and officers liability insurance董监事及高级管理人员责任保险Directors and officers of public listed companies are facing unprecedented levels of responsibility and accountability, the increasing standards of corporate governance coupled with new laws and accounting standards reflects the increased exposure to personal liability of the directors and officers, they may face a wide range of claims from shareholders, regulatory bodies ,competitors, employees or the company itself relating to their daily management of the company and can be personally accountable for their actions, having the D&O insurance in place is now a requirement according to the new listing rules in hong kong.在现今商业社会中，上市公司董事及高级职员承担着空前重要的职能和职责,伴随着法律环境的更新和会计准则的出台，对公司治理结构渐趋严格的标准直接反应出董监事和高管个人法律责任的，增加在工作过程中可能会面临一系列的索赔，从股东、监管机构,竞争对手,员工或公司本身与公司的日常管理工作,均需为自己的行为准则负责。
董事高管责任保险理论研究与中国实践
一、引言董事高管责任保险全称为“董监事及高级管理人员责任保险”（Directors'and Officers'Liability Insurance ），简称“D&O 保险”，是指由企业或企业与高管共同出资购买，对高管在履职过程中被指控工作疏忽或行为不当被追究其个人赔偿责任时，由保险机构负责民事赔偿责任及相关法律费用的一种特殊职业责任保险。
D&O 保险诞生于20世纪30年代初，美国大萧条引起的股市大崩盘催生了投资者对完善资本市场监管制度的强烈需求，随后美国政府初步确立了证券市场问责机制，这使得上市公司管理者的执业风险明显增加。
以此为契机，英国伦敦劳合社率先在美国推出了董事高管保险，随后逐渐成为欧美国家上市公司降低诉讼风险的主要工具。
1980年代，华尔街财务丑闻曝光，欧美国家管理者面临着前所未有的详尽审查和责任风险。
自此，D&O 保险开始盛行于西方国家。
实际上，D&O 保险在我国也并非一项新的险种，其引入国内资本市场已近20年，但目前投保率仍不足8%[1-2]。
据中国研究数据服务平台（CNRDS ）统计数据显示，截至2018年底，A 股市场上投保D&O 保险的企业为262家，投保率仅为7.2%，尚未得到国内上市公司的足够青睐。
而据韬睿惠悦（Towers Watson ）公司2014年统计数据显示，美国和加拿大资本市场上D&O 保险投保率普遍超过80%，在一些经营风险较高行业（如高科技、金融等）的投保率甚至接近100%。
目前，国内D&O 保险合同多是直译国外合同条款，表述模糊生涩且保险责任边界不明[3]，难以适应我国特定的资本市场制度环境。
D&O 保险作为一种对冲意外风险资产损失的避险工具，现已成为欧美国家资本市场上公司治理中不可缺少的一个组成部分[4]，但迄今为止，仍未引起国内上市公司和保险行业的足够关注，也未在我国资本市场上发挥应有的公司治理效应。
董责险的利与弊
018COLUMNS。
专栏喜闻余见余兴喜北京上市公司协会秘书长董责险的利与弊董责险的存在是否有其合理性？董责险究竟是利大还是弊大？本文对董责险的合理性即利弊问题进行一些探讨。
“董责险即董监高责任险”是2020年的一个热门话题。
为什么这个话题在2020年一下热起来了呢？主要是两个原因：一是新修订的《证券法》已于3月1日起施行，而新《证券法》•方面大幅提高了对上市公司董监高证券违法行为的处罚力度，一方面加大了上市公司董监高证券违法行为的民事赔偿力度，上市公司董监高顿感压力倍增，保险公司也趁机推广其董责险业务。
二是4月2日，在美国纳斯达克上市的知名中概股公司瑞幸咖啡自曝大额财务造假，引起轰动。
4月3日，作为承保方之一的中国平安保险表示，已经收到瑞幸咖啡的斎责险理赔申请。
公众纷纷质疑，如果上市公司董监高违法违规的赔偿由保险公司买单，这不是鼓励上市公司违法违规吗？那么，董责险的存在是否有其合理性？董责险究竟是利大还是弊大？本文对董责险的合理性即利弊问题进行一些探讨。
童责险的英文全称是Directors and Officers Liability Insurance,简称D&O,翻译为中文是董事和高管责任保险。
我国法律规定公司中必须设置监事，所以荒事和高管责任保险在我国就变为董事、监事和高管责任保险，简称憤监高责任险，即董责险。
范责险是一种特殊的职业责任保险，一般来说，主要为被保险人在履行公司管理职责过程中，因被指控工作疏忽或行为不当而被追究其法律责任时提供保障，由保险公司偿付被保险人因应对诉讼、执法所发生的法律费用，并偿付被保险人应当承担的赔偿金、和解金等约定的费用。
1929年的美国股市崩盘，对美国经济造成重创，由此催生了《美国1933年证券法》和《美国1934年证券交易法》。
两部法律让美国上市公司的斎事和高管人员承担的风险陡然增加。
在此背景下,英国伦敦劳合社于1934年推出了董事和高管人员职业责任保险，这被认为是董责险的起源。
董事责任险 免责条款
董事责任险免责条款董事责任险（Directors and Officers Liability Insurance）是一种特殊的商业保险产品，旨在保护公司的董事和高级管理人员免受由其职务行为引发的法律风险的损害。
在这个充满竞争与变革的商业环境中，董事责任险为公司领导层提供了极为重要的保障，以防止可能的指控、诉讼和财务损失。
免责条款是董事责任险保险合同中的重要组成部分，其具体内容和规定对于保险合同的有效性和保障程度起到至关重要的作用。
一份完善且清晰的免责条款可以帮助董事明确自己的权益和责任，同时也明确了保险公司的责任范围和保障限制。
首先，免责条款应明确规定董事责任险的保障范围。
这包括了董事在履行其职责时可能遇到的诉讼、指控、调查和损失等方面。
条款还应涵盖董事在执行其职责过程中可能遭受的第三方索赔和公司内的内部冲突。
其次，免责条款还应明确定义保险公司的责任。
这包括在董事需要赔偿时，保险公司的赔付责任和范围。
条款应确保保险公司能够及时有效地履行其赔付义务，最大限度地保障董事的权益。
此外，免责条款应明确列出可能触发保险责任的特定情况和排除事项。
这些可能包括诈骗、欺诈、故意犯罪等行为，以及董事故意违反公司政策或法律法规的情况。
这些条款的存在保护了保险公司不对明确违法和违规行为负责，同时避免了滥用保险的风险。
最后，免责条款还应明确董事在保险合同中的义务和责任。
这包括董事向保险公司提供真实准确的信息和数据，并及时通知保险公司有关任何可能引发索赔的风险或事件。
条款还可以规定董事有义务采取合理措施减少潜在的风险和损失。
在购买董事责任险时，公司和董事都应仔细阅读免责条款的细则，并与保险公司进行充分沟通和洽谈，以确保保险合同中的免责条款符合各方的权益和需求。
同时，董事和公司也应密切配合，遵守合同规定的义务和责任，以最大程度地发挥董事责任险的保障作用。
综上所述，清晰明确的免责条款对于董事责任险的有效性和保障程度至关重要。
董事责任保险保险保险合同法律风险
董事责任保险：保险合同法律风险的探讨引言在现代企业治理中，董事的责任问题日益受到关注。
为了保护董事在履行职责过程中可能面临的法律风险，董事责任保险（Directors and Officers Liability Insurance,D&O保险）应运而生。
本文将探讨董事责任保险的基本概念、保险合同的法律风险及其对企业和董事的影响。
什么是董事责任保险董事责任保险是指为企业董事、高级管理人员（如首席执行官、首席财务官等）提供的保险保障，以应对其在履行职责过程中的法律责任。
保险的主要对象是那些由于在职务行为中作出错误判断、失误或者疏忽而被指控的董事和高管。
保险的覆盖范围D&O保险一般包括以下几方面的内容：1.保护范围：对因董事在履行职务过程中产生的法律索赔进行赔付，包括顾客、股东甚至员工的索赔。
2.赔偿内容：保险通常涵盖诉讼费用、和解赔偿金及潜在的判决赔偿金。
3.保险责任的限制：需要明确保险不包括因故意不当行为、欺诈、贪污等造成的损失。
保险合同中的法律风险免责条款在D&O保险合同中，免责条款是一个重要的法律风险点。
部分保险公司可能会在合同中加入对某些特定行为的免责条款，如：•故意或重大过失：保险通常不承担因故意行为或重大过失而引发的索赔。
•不符合合规要求：如果企业对某些法规的遵循不严谨，也可能会导致保险失效。
风险分析这些免责条款可能会让董事在面对法律诉讼时感到不安，甚至可能导致其在决策时产生犹豫。
因此，董事在签署任何保险合同时，必须仔细研究免责条款。
保险金额的设定保险金额的高低直接影响到董事在面临索赔时的保障程度。
保险金额过低可能会导致董事在遭遇法律诉讼时面临较大的财务压力，而金额过高则可能导致企业在成本上的负担。
风险分析因此，在设定保险金额时，企业应结合自身的实际情况与行业标准，找到一个合理的平衡点。
保险公司的理赔程序D&O保险的理赔程序复杂，通常需要提供详细的信息和材料来证明索赔的合法性和合理性。
关于董责险的优势和劣势分析研究
摘要：董责险在2002年首次在我国诞生，尚算少数险种，然而自2020年来却突然受到前所未有的关注，相关领域也开始相应地快速发展。
关键词：董责险；优势；劣势一、董责险概述(一)保障范围董责险的全称为“董事、监事及高管责任保险”，其英文全称为“Directors and Officers Liability Insurance”，简称“D&O”，其保障的是企业董事及高级管理人员对公司或第三人所承担的费用或其他民事责任，即当被保公司董事、监事或其他高级管理人员在履行公司管理责任的过程中，因自身合法的疏忽、错误或无意违反忠诚与勤勉义务等行为而被追求个人赔偿责任时，保险公司将负责承担相关涉事被保管理人员进行责任抗辩时的法律诉讼开支，并依据结果承担其他相应的民事赔偿责任，此外也有可能根据具体的保险责任规定，对相关被保人做出一定补偿。
在此过程中，董责险以合法为保险行为成立的前提，这意味着如果被保人存在故意披露虚假或错误信息、蓄意进行财会违规造假等违法行为，则将不能受到董责险的保护。
(二)特点董责险在当下的飞速增长中，相应地保额与保费大幅提升，这表现出A股上市公司考虑到当下监管环境变化的动向而相应增加保额，以图覆盖巨大的风险敞口。
与此同时，投保公司类型的重心变化也体现出如下特点：首先，以往采购董责险的公司多为多地上市的公司，以应对海外风险管控的巨大需求，而由于当下A股市场新法规的施行，导致2020年新增采购董责险的上市公司几乎都是纯A股上市公司；其次，以往采购董责险的主要群体主要是国有企业或各行业中的龙头企业，而2020年中，生物制药、新能源行业和网络信息等高新技术方向公司的采购量有了明显的提升，这也与信息披露要求的变化和新证券法规的推行有密切的关系：最后，鉴于已发生的重大财务造假事件等，考虑到自身的特殊地位和影响，央企为集团统一安排采购保险的情况有明显增加的趋势，以获得全系统的保障。
而董责险自身也具有若干突出的特点。
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DIRECTORS’ AND OFFICERS’ INSURANCE1. INSURANCEThe Insurer will indemnify the Officers against Loss in respect of claims made against them jointly or severally arising from any Wrongful Act committed or allegedly committed by them in their capacity as Officers of the CompanyProvided that the claim is first made against the Officers and notified to the Insurer during any Period of Insurance2. INDEMNITY TO HEIRS AND LEGAL REPRESENTATIVESIn the event of the death incapacity insolvency or bankruptcy of an Officer the Insurer will indemnify the heirs or legal representatives of the Officer against Loss incurred by such Officer for which indemnity would have been provided under this PolicyProvided that such Heirs and legal representatives shall as though the Officer be subject to the terms of this Policy so far as they can apply3. OUTSIDE DIRECTORSHIPSThe Insurance under this Policy is extended to provide indemnity to the Officers in respect of claims made against them arising out of any executive position held by them at the specific request of the Company in any other companyProvided thatA) the Insurance will not extend to the other company in which such executive position is held or to any other of the officers directors or employees of such companyB) the Insurance hereunder shall be specifically in excess of any other indemnity or insurance available to such Officers by reason of serving in such executive positionC) written notice of the positions held is given to the Insurer who shall have the right to charge an additional premium and vary the terms of this Policy4. EXTENDED REPORTING PERIODIf the Insurer refuses to renew this Policy the Officers shall have the right upon payment of an additional premium of 50% of the current annual premium to extend the current Period of Insurance for an uninterrupted period of up to 12 monthsProvided thatA) this extension shall apply only to Wrongful Acts committed or allegedly committed prior to the commencement date of the period of extensionB) the option to extend is exercised within 30 days of the notification of non-renewalThe offer by the Insurer of renewal terms different to those applying during a Period of Insurance which is due to expire shall not constitute refusal to renew5. LIMIT OF INDEMNITYThe total amount payable by the Insurer under this Policy and under any Company Reimbursement Policy issued by the Insurer to the Company shall not exceed the Limit of Indemnity in respect of any one Period of Insurance irrespective of the number of persons firms companies or bodies entitled to indemnity under this Policy or any Company Reimbursement PolicyThe Limit of Indemnity shall apply to all Loss attributable to all claims arising out of any Wrongful Act including interrelated Wrongful Acts the circumstances of which have been first notified to the Insurer during such Period of Insurance either as a consequence of a claim or as circumstances which have been advised in accordance with Claims Condition 16. DEDUCTIBLEEach Officer against whom a claim is made shall pay the first amount of Loss arising out of any one claim shown in the Schedule as the DeductibleProvided that the maximum amount of Loss payable by the Officers arising out of any one claim shall not exceed the amount shown in the Schedule as the Aggregate DeductibleFor the purpose of assessing the Deductible(s) all claims attributable to one Wrongful Act and all interrelated Wrongful Acts consequent upon or attributable to one source or original cause shall be regarded as one claim7. EXCLUSIONSThe Insurer shall not be liable in respect of1) any claim brought about by or attributable to or consequent upon any dishonestyfraud or malicious conductof any Officer provided however that the Officers shall be entitled to indemnity in respect ofA) costs and expenses reasonably incurred in successfully defending an action which arises out of such aclaimB) any claim where the final judgement or other adjudication of the court hearing proceedings against theOfficer determines that he or she is liable at law in respect of a Wrongful Act on some cause of action which is not dependent on the existence of a dishonest fraudulent or malicious purpose or intent and makes no finding that he or she was guilty of dishonesty fraud or malicious conduct in relation to the Wrongful Act in questionFor the purposes of this Exclusion the dishonesty fraud or malicious conduct of any Officer shall not be imputed to any other Officer2) any liability arising out of the death disease or illness of or bodily injury to any person or loss of or damage to material property3) fines penalties punitive or exemplary damages (other than exemplary damages awarded in an action for libel or slander)4) any claim based upon or attributable to any Officer gaining any profit or advantage or receiving any remuneration to which he or she was not legally entitledFor the purposes of this Exclusion the fact that one Officer has gained any profit or advantage or received any remuneration to which he or she was not legally entitled shall not be imputed to any other Officer5) liability which arises under a guarantee or warranty (other than a Warranty of Authority) given by an Officer6) any liability arising out of any intentional breach of contract on the part of any Officer7) the consequence of any circumstanceA) notified under any insurance which was in force prior to the inception of this PolicyB) known to any Officer at the inception of this Policy which might reasonably be expected to produce aclaim8) any claim made (whether in the name of the Company or not) and instigated by any Officer against any other Officer except in respect of wrongful dismissal sexual harassment and/or discrimination9) any claim arising from the discharge dispersal release or escape of pollutants. For the purpose of this Exclusion ‘pollutant’ means any solid liquid gaseous or thermal irritant or contaminant including but not limited to smoke vapour soot fumes acid alkalis chemicals and waste. ‘Waste’ includes material to be recycled reconditioned or reclaimed10) any legal liability of whatsoever nature directly or indirectly caused by or contributed to by or arising fromA) ionising radiations or contamination by radioactivity from any nuclear fuel or from any nuclear wastefrom the combustion of nuclear fuelB) the radioactive toxic explosive or other hazardous properties of any explosive nuclear assembly ornuclear component thereof8. DEFINITIONSFor the purposes of this Policy1) Proposal shall mean any signed proposal form and declaration and any information supplied by or on behalf of the Officers in addition thereto or in substitution therefor2) The Company shall mean the Company as named in the Schedule and shall be deemed to include allSubsidiary Companies but this Policy will only indemnify the Officers of any Subsidiary Company acquired or created after the inception of this Policy for Claims made during any Period of Insurance by reason of any Wrongful Act occurring subsequent to such creation or acquisition Provided that notification of any Subsidiary Company acquired or created after inception of this Policy shall be given in writing as soon as reasonably practicable to the Insurer which shall have the right to charge an additional premium and vary the terms of this Policy3) Subsidiary Company shall mean any company of which more than fifty percent of the voting stock is ownedby the Company either directly or through one or more of its Subsidiary Companies4) Wrongful Act shall mean breach of contract breach of trust breach of duty neglect error or omission misstatement misleading statement or breach of Warranty of Authority5) Warranty of Authority shall mean a warranty properly given by an Officer to the effect that he or she has authority to do some act on behalf of the Company6) Loss shall meanA) damages claimant’s costs and expenses for which the Officers are liable at law andC) other costs and expenses incurred with the Insurer’s written consent in defending claimsin respect of which the Officers are not legally entitled to indemnity from the Company9.RENEWAL PROCEDUREIf renewal is to be considered the Insurer will request the Officers to complete and return a proposal form in advance of each Renewal Date. Failure on the part of the Officers to do so will cause the Policy to be lapsed from the Renewal DateRenewal can only be invited subsequent to receipt of the proposal form by the Insurer and provided the risk remains acceptable to the InsurerThe renewal premium (and if applicable any adjustment of premium for the past year) will be calculated on the information provided10.CLAIMS CONDITIONS1) The Officers shall give written notice to the Insurer (regardless of the Deductible) as soon as possible after becoming aware of circumstances which might hive rise to a claim or receiving information of a claim for which there may be liability under this Policy2) Every letter claim writ summons and process shall be forwarded to the Insurer immediately on receipt. No admission offer promise payment or indemnity shall be made or given by or on behalf of the Officers without the written consent of the Insurer which shall be entitled to take over and conduct in the name of the Officers the defence or settlement of any claim or to prosecute in the name of the Officers for its own benefit any claim and shall have full discretion in the conduct of any proceedings and in the settlement of any claim3) The Officers shall give all such assistance as the Insurer may require but they shall not be required to contest any legal proceedings unless a qualified legal practitioner (to be mutually agreed upon by the Officers and the Insurer) shall advise that such proceeding could be contested with the probability of success4) The Insurer shall not have any obligation to defend any claim5) Where the Insurer has acknowledged its liability under the terms of this Policy the Insurer will advance costs and expenses incurred with its written consent in defending claims. In other circumstances where the Insurer is unable to confirm its Policy liability the Insurer may at its option agree to advance such cost and expenses provided that should it be established subsequently that the Insurer will have no liability under the terms of the Policy the Insurer may recover from the Officers the total amount of such costs and expenses so advanced6) The Insurer shall not settle any claim without the consent of the Officers concerned. If however the Officers concerned shall refuse to consent to any settlement recommended by the Insurer and shall elect contest or continue any legal proceedings in connection with such claim then the Insurer’s liability for the claim shall not exceed the amount for which the claim could have been so settled plus costs and expense incurred with its consent up to the date of such refusal and then only up to the amount of the Limit of Indemnity7) If at any time any claim arises under this Policy the Officers are or would but for theexistence of this Policy be entitled to indemnity under any other policy or policies the Insurer shall not be liable except in respect of any excess beyond the amount which would have been payable under such other policy or policies had this insurance not been effected11.GENERAL CONDITIONS1) If an offer is made for the whole of the issued share capital of the Company and that offer is declared or becomes unconditional in accordance with its terms the indemnity provided hereunder is amended to apply only to claims made by reason of any Wrongful Act committed by the Officers prior to the date that such offer is declared or becomes unconditional2) The Insurer shall not avoid this Policy (unless required so to do by a declaration or order of the court) by reason only that it may be so entitled by virtue of any statute or rule of law that makes or deems void an provision or contract to indemnify any Officer of the Company against liability for any Wrongful ActThe Insurer or the Officers may cancel this Policy by giving thirty days notice in writing to the other party at its last known address. If the Insurer gives such notice the Officers shall thereupon become entitled to proportionate return of premium otherwise the Officers shall only be entitled to a return of premium in accordance with the Insurer’s usual short period scale provided that no claim has been made in the then current Period of Insurance。