회사임원배상책임보험계약상 분리조항

In insurance contract, once the right to rescind has been determined, the majority rule appears to be that rescission is effective as to all insureds. Actually, rescission of an insurance contract may be appropriate when a prospective insured misrepresents or fails to disclose material facts in an application for insurance. In addition, if there is a exclusions of a particular insured such as dishonesty, the insurer may impute to any other insured persons. This raises the question of protection of an insured person who is irrelevant. To achieve the goal of D&O insurance, in most foreign primary D&O policies today include some form of severability provisions. These clauses typically limit the ability of an insurer to rescind the policy as to all insureds, in certain circumstances. This article discuss the need and function of 'nonrescindable' contract wording offered by insurers as a solution to the rescission risk in D&O insurance. This article examines whether the severability clause enhance the function of the D&O insurance to reduce the legal liability of directors through to mitigate the risk of cancellation of insurance contracts. In conclusion, the severability provisions are not essentially contrary to the duty of disclosure and the Exemption System. By the principle of freedom of contract, separation provisions shall be possible in the manner explicitly stipulated in the D&O policy as a contract Terms.