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Directors and officers liability insurance protects an organization (usually a corporation) from costs associated with litigation resulting from mistakes incurred by directors and officers for which they are liable. In the industry, it is usually called D&O for short.

No insurer shall exercise its right to cancel a policy unless a written notice of cancellation is mailed or delivered to the last known address of the policyholder at least 20 days prior to the effective date of cancellation, except that when cancellation is for nonpayment of premium, the notice shall be mailed or delivered to the policyholder at the address shown in the policy at least 10 days prior to the effective date of cancellation.



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