Your board's personal assets, on the line.
Directors & Officers liability helps protect the personal assets of your board and executives against claims from investors, employees, regulators or competitors - and reimburses the company when it indemnifies them.
Covered sections in solid line. The hatched strip is what this policy leaves exposed — click through to see if it applies to you.
The cover that lives inside this policy.
Defence & damages against claims of breach of fiduciary duty
Securities actions from investors and SAFE / convertible holders
Employment-practices liability (EPL) - wrongful termination, harassment
Regulatory and government investigations (FSRA, SEC, OSC)
Side-A coverage for directors the company cannot indemnify
Crime & Fidelity - employee dishonesty, social engineering
Defence & damages against claims of breach of fiduciary duty
Securities actions from investors and SAFE / convertible holders
Employment-practices liability (EPL) - wrongful termination, harassment
Regulatory and government investigations (FSRA, SEC, OSC)
Side-A coverage for directors the company cannot indemnify
Crime & Fidelity - employee dishonesty, social engineering
Vertical-specific risk breakdown.
The same policy prices differently the moment you leave "software company" behind.
Highest D&O severity - investor suits, regulator actions and fund-mismanagement claims.
Model-related misrepresentation claims emerging in 2024 filings.
Down-rounds and bridge financing increasingly trigger D&O claims.
Regulators investigate directors personally where public health is affected.
Breaches, losses, and the policy that answered.
Reported incidents and clearly-labeled composite scenarios - what your underwriter is actually pricing.
Regulator opens inquiry days after an onboarding glitch.
What happened: A Toronto fintech's automated KYC checks mis-routed high-risk clients; FINTRAC opened an examination and an institutional investor raised questions about compliance-management cost.
Exposure it created: $1.1M in external counsel and remediation, plus a compliance monitor for 12 months.
Coverage that may respond: D&O (regulatory-investigation endorsement) and Cyber (privacy regulatory) split the defence.
Regulator inquiries trigger D&O before fines - a regulatory-defence endorsement is cheap at Series B.
Investors sue directors after a down round wipes early shares.
What happened: After a 60% down round, early investors alleged the board overstated traction and understated runway in pre-round disclosures; a securities suit followed.
Exposure it created: $2.3M to defend, settled below the D&O tower's limits.
Coverage that may respond: D&O (Side-A / Side-B for named directors, plus securities and regulatory defence) responded within limits.
Down rounds are D&O flashpoints - keep Side-A limits dedicated and disclosures documented.
You rarely buy Management D&O alone.
Product failures often become the trigger for investor suits against the board.
Explore Tech E&OA breach frequently cascades into D&O scrutiny and regulatory investigation.
Explore Cyber & PrivacyManagement D&O is one piece of the stack. Depending on your business model, other exposures may also be worth considering — bring them together in the Tower Builder.
Keep exploring
The questions founders ask before they bind.
Still not sure what applies to you?
This page covers the basics of Management D&O. For a plan specific to your stack and stage, Truly Insurance's brokers can walk you through it - no pressure, no jargon. You can also reach the team directly at trulyinsurance.ca.
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