HKiNEDA x Grandwood Insurance Seminar: D&O Insurance, Side A DIC Cover

Highlight:

D&O Side A Difference in Conditions (DIC) insurance is an essential protection for directors and officers, offering coverage when a company's primary D&O policy may not respond. This type of insurance is crucial as it fills in the gaps and provides additional protection for individuals against personal liability. Here are some key benefits:

• Enhanced Protection: Side A DIC insurance steps in when the primary D&O policy is either exhausted or does not cover certain claims, ensuring that directors and officers are not left personally exposed.
• Priority of Payments: This policy prioritizes the payment of claims directly to the directors and officers, safeguarding their personal assets from being at risk.
• Broader Coverage: Side A DIC policies often offer broader coverage terms than traditional D&O policies, providing additional comfort and security to individuals in high-risk positions.
• Indemnification Gaps: In situations where the company is financially unable to indemnify its directors and officers, or legally prohibited from doing so, Side A DIC insurance ensures that these individuals are still protected.

In this seminar, we will go through the coverage, benefits, eligibility and pricing of D&O Side A DIC insurance exclusive to HKiNEDA members. In addition, Johnson Stokes & Master (JSM) and AIG Insurance will provide more insights about regulatory investigations and disciplinary proceedings by the SFC as well as claims trends in Hong Kong.

Speakers: 

Kenneth Yeem – Associate Director
Financial Risks Practice Grandwood Insurance Brokers Limited
Kenneth has more than 20 years of experience in the general insurance industry. He started his career in underwriting in Toronto, Canada. Throughout his career, he has held various positions in underwriting and broking specialising in financial lines insurance products such as D&O, PI, IMI, Crime and Cyber.
Prior to joining Grandwood, Kenneth was a cyber specialist underwriter at Pandamatics Underwriting (now known as Blackpanda Underwriting), and financial lines underwriter at Swiss Re Corporation Solutions, Generali, and Liberty Specialty Markets in Hong Kong.

Jenny Yu – Partner
Johnson Stokes & Master
Jenny specialises in insurance law including advising clients on D&O insurance, professional indemnity, public and products liability and life insurance. Jenny has acted for directors in regulatory investigations by SFC and HKEX and in disqualification proceedings under Section 214 of the Securities and Futures Ordinance 571. Jenny has also acted for fund managers, accountants and solicitors in professional indemnity claims. In addition, Jenny advises insurers and other clients on insurance regulatory matters, insurance-related transactions, product reviews, insurance related lending and premium financing.

Ken Lam - Associate
Johnson Stokes & Master
Ken is in the insurance team and acts for directors, professionals and financial institutions. Ken focuses on financial lines insurance as well as insurance regulatory, product review and premium financing. Ken has also represented insurance intermediaries on regulatory investigations. Ken is part of the JSM Cyber Incident Response Team and has handled a range of high profile ransomware attacks.

Karen Leung – Major Loss Adjuster Manager
AIG Insurance Hong Kong Limited
Karen joined AIG HK in 2007, Karen managed Financial Lines and Trade Credit Claims in her early days at AIG. Karen is responsible for technical handling of variety of Financial Lines claims (Professional Indemnity, Directors and Officers Liability, Cyber, Crime, Fidelity, Financial Institutions, and Warranties and Indemnities insurance,). Karen has over 15 years’ experience handling Financial Lines claims. Currently, Karen is overseeing Financial Lines claims team. Prior to AIG, Karen worked in motor, liability and employees’ compensation claims for a local bank insurance company. Karen graduated with a Bachelor Degree in Business Management from the University of Manchester. Karen is also qualified as a Senior Associate CIP by ANZIIF.