<P> Directors and officers liability Insurance (often called "D&O") is liability insurance payable to the directors and officers of a company, or to the organization (s) itself, as indemnification (reimbursement) for losses or advancement of defense costs in the event an insured suffers such a loss as a result of a legal action brought for alleged wrongful acts in their capacity as directors and officers . Such coverage can extend to defense costs arising out of criminal and regulatory investigations / trials as well; in fact, often civil and criminal actions are brought against directors / officers simultaneously . Intentional illegal acts, however, are typically not covered under D&O policies . </P> <P> It has become closely associated with broader management liability insurance, which covers liabilities of the corporation itself as well as the personal liabilities for the directors and officers of the corporation . </P> <P> The insurance is closely related to corporate governance, corporations law, and the fiduciary duty owed to shareholders or other beneficiaries . Under the United States business judgment rule, the directors and officers are granted broad discretion in their business activities . In the United States, corporate law is typically at the state level; corporations are often domiciled in Delaware (with one estimate at 97% of corporations domiciled in either their home state or Delaware), due to its developed corporate law and tax benefits; Publicly traded companies are subject to more federal claims, particularly due to the Securities Act of 1933 and the Securities Exchange Act of 1934 . </P>

Who is covered under directors and officers insurance
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