Some of the most noteworthy exclusions in a typical D&O policy include:
- Illegal gain of profit or advantage by the policy holder.
- Bodily injury, property damage or personal injury (normally covered in a commercial General Liability policy).
- Pollution-related matters, excluded under all liability policies except specialty pollution liability policies.
- Violations of certain federal statutes, including the Employee Retirement Income Security Act of 1974 (ERISA).
- Liability assumed by contract, normally treated within a commercial General Liability policy.
- Civil or criminal fines, penalties or taxes.
- Claims related to securities transactions.