Outside Directorship Liability (ODL)

ODL may also be used to refer to the specific type of liability that directors and officers may face. Outside directorship liability covers any liabilities that arise from a director’s or officer’s involvement in the company, including liabilities related to a breach of fiduciary duty, improper management, or any other activities related to their role as a director or officer. This type of liability is typically excluded from general liability policies, so it is important for directors and officers to have ODL coverage in place in order to ensure that they are adequately protected.

In summary, Outside Directorship Liability (ODL) may refer to a type of insurance policy designed to protect directors and officers from liability arising from their activities as a director. It may also refer to the specific type of liability that directors and officers may face, which includes liabilities relating to a breach of fiduciary duty, improper management, or any other activities related to their role as a director or officer. ODL coverage is an important form of protection for directors and officers, as it can help to protect them from any legal costs that may result from their actions while serving in that role.