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Article: Learning a thing or two from Rodney Dangerfield: why you should get a second opinion on your D & O insurance policy.(D & O INSURANCE UPDATE)(Directors and Officers)
- Article from:
- Directors & Boards
- Article date:
- January 1, 2005
- Author:
CopyrightCOPYRIGHT 2005 Directors and Boards. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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IN THE Winter 2004 column titled "The Rodney Dangerfield of D & O Policies," the advice conveyed was that excess D & O insurance policies "don't get no respect," borrowing Dangerfield's signature line. Dangerfield died a few months later at age 82. In reflecting on his comedy routines, we were struck by how another of his famous quips applies to D & O insurance.
Dangerfield often recounted how when his psychiatrist told him he was crazy, he would respond, "Oh yeah? Well, I want another opinion." The doctor instantly replied, "Okay--you're ugly, too." The lesson is: When negotiating D & O insurance coverage, you can benefit from a second opinion, particularly if ...