Kings New York Directors and Officers Indemnity Trust is a specialized insurance program designed to protect directors and officers of organizations based in New York. This trust provides financial coverage and indemnification for individuals serving in leadership positions in various sectors, such as corporations, non-profit organizations, educational institutions, and government agencies. The trust offers comprehensive protection for directors and officers against legal expenses arising from allegations of wrongful acts, errors, omissions, negligence, or breaches of fiduciary duty committed in the course of their duties. It helps safeguard these individuals from personal liability, ensuring that their personal assets are not at risk. There are several types of Kings New York Directors and Officers Indemnity Trust available to cater to the specific needs of different organizations and industries. 1. Corporate Directors and Officers Insurance: This type of trust is designed specifically for directors and officers serving in for-profit corporations. It provides coverage for claims related to corporate governance, shareholder disputes, breaches of fiduciary duties, and other legal actions that may arise from their decision-making responsibilities. 2. Non-Profit Directors and Officers Insurance: This trust is tailored to protect directors and officers serving in non-profit organizations. It provides coverage for claims related to mismanagement of funds, employment practices, defamation, and other liabilities unique to the non-profit sector. 3. Educational Institutions Directors and Officers Insurance: Educational institutions, including colleges, universities, and schools, face unique risks; thus, this trust is designed to protect directors and officers from legal claims associated with academic decisions, student discipline, sexual harassment allegations, and other liabilities specific to the education sector. 4. Government Directors and Officers Insurance: This trust is crafted to meet the needs of directors and officers serving in government agencies. It provides coverage for claims related to policy decisions, regulatory compliance, public records violations, and other legal actions that may arise from their public service roles. By choosing Kings New York Directors and Officers Indemnity Trust, organizations and their leaders can gain peace of mind, knowing they have a comprehensive insurance solution to protect against the financial and reputational risks associated with their roles.
Kings New York Directors and Officers Indemnity Trust
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FAQ
An indemnity agreement is a contract that protect one party of a transaction from the risks or liabilities created by the other party of the transaction. Hold harmless agreement, no-fault agreement, release of liability, or waiver of liability are other terms for an indemnity agreement.200c
Modification: As opposed to indemnification and advancement rights created by the company's organizational documents, which may be amended by the board or shareholders, indemnification agreements allow the director or officer to prevent the company from unilaterally terminating or reducing the indemnitee's rights.
In contrast, Delaware law does not allow corporations to indemnify directors and officers if they are found to have acted in bad faith. Thus, Delaware courts have stated that the boundaries for indemnification are 'success' and 'bad faith.
Owners of corporations and limited liability companies can have statutory and contractual obligations to indemnify officers, directors, managers, and members for legal fees incurred in defending litigation.
Under Section 145(c) of the Delaware General Corporation Law (DGCL), Delaware corporations are required, in certain circumstances, to indemnify directors and officers of the corporation for costs incurred in connection with litigation and other proceedings arising from the official's corporate role, including attorneys
Indemnification. Indemnification is an undertaking by the company to defend the director and officer against the cost of certain claims, including legal fees, litigation awards and settlement costs.
What does "Corporate Indemnification" mean? Generally, indemnification refers to a situation in which one party (the indemnifying party) agrees or is required to cover the costs, losses and/or expenses experienced by another party (the indemnified party).
That it is non-exclusive (i.e., that indemnification and advancement of expenses under provisions in the company's articles of incorporation and bylaws is also available).
In most contracts, an indemnification clause serves to compensate a party for harm or loss arising in connection with the other party's actions or failure to act. The intent is to shift liability away from one party, and on to the indemnifying party.
The most important part of an indemnification clause is that it protects the indemnified party from lawsuits filed by third parties. This protection is important because damaged parties are still able to pursue compensation for their losses even if this clause isn't in the contract.