Ohio Directors and Officers Indemnity Trust, also known as Ohio D&O Indemnity Trust, is a specialized insurance program that provides financial protection to directors and officers of organizations in the state of Ohio. It offers coverage against potential legal claims resulting from their actions or decisions made while representing the organization. Under Ohio law, directors and officers can be held personally liable for their actions, which can result in significant financial losses. Ohio D&O Indemnity Trust serves as a safeguard against such risks, ensuring that directors and officers can carry out their duties without the fear of personal financial ruin. The Ohio D&O Indemnity Trust protects directors and officers by covering legal expenses incurred in defending against claims, judgments, settlements, fines, and other related costs. It provides an additional layer of security to businesses, nonprofits, and government organizations by alleviating the burden placed on directors and officers in the event of lawsuits alleging negligence, wrongful acts, or breaches of fiduciary duties. Different types of Ohio Directors and Officers Indemnity Trust policies may include: 1. Nonprofit Directors and Officers (D&O) Indemnity Trust: This policy is specifically tailored for nonprofit organizations, protecting their directors and officers against claims arising from their duties and responsibilities. 2. Corporate Directors and Officers (D&O) Indemnity Trust: This policy targets directors and officers of corporations, shielding them from potential litigation risks related to their corporate decisions and actions. 3. Government Directors and Officers (D&O) Indemnity Trust: This type of policy caters to directors and officers serving in governmental organizations or agencies, safeguarding them against claims for alleged misconduct, negligent actions, or constitutional violations. Ohio Directors and Officers Indemnity Trust plays a vital role in attracting competent directors and officers to serve in organizations within the state. By mitigating personal financial risks, it helps ensure that qualified individuals are willing to assume leadership roles, contributing to the effective governance and growth of Ohio-based entities. In conclusion, Ohio Directors and Officers Indemnity Trust provides directors and officers with essential protection against potential legal liabilities. This insurance program is available in various forms, including nonprofit, corporate, and government policies, designed to address the specific needs of different organizations. By securing financial indemnification, Ohio D&O Indemnity Trust enables directors and officers to carry out their duties with confidence and without fear of personal financial ruin.
Ohio Directors and Officers Indemnity Trust
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(A)(1) Subject to divisions (A)(2) and (3) of this section, an association may indemnify or agree to indemnify any person that was or is a party, or is threatened to be made a party, to any threatened, pending, or completed civil, criminal, administrative, or investigative action, suit, or proceeding, other than an ...
In the indemnity clause, one party commits to compensate another party for any prospective loss or damage. More common is in insurance contracts, in exchange for premiums paid by the insured to the insurer, the insurer offers to compensate the insured for any potential damages or losses.
The termination of any action, suit, or proceeding by judgment, order, settlement, or conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that the person did not act in good faith and in a manner the person reasonably believed to be in or not opposed to the best ...
In legal terms, an Act of Indemnity is a statute passed to protect people who have committed some illegal act which would otherwise cause them to be subjected to legal penalties.
SeeC. §153.81(A)(1)(b). Indemnification is limited to claims, damages, or loss, including reasonable attorney fees, costs, and expenses. Ohio follows the American Rule, which states that parties to litigation are to pay for their own attorneys' fees unless there is a specific exception to the rule that applies.
(A) A corporation may sue and be sued. (B) A corporation may adopt and alter a corporate seal and use it or a facsimile of it, but failure to affix the corporate seal shall not affect the validity of any instrument.
Indemnity is implicated when a person discharges another's duty: A person who, in whole or in part, has discharged a duty which is owed by him but which as between himself and another should have been discharged by the other, is entitled to indemnity from the other, unless the payor is barred by the wrongful nature of ...
These provisions generally require the portfolio company to expressly acknowledge that the director has rights of indemnification, advancement, and insurance from the sponsor; to agree that it is the indemnitor of first resort and that it is obligated to advance all expenses and indemnify for all judgments, penalties, ...