In Part 2 of the American Association of Bank Directors’ podcast, Calling All Bank Directors: What You Need to Know Before and After Your Bank Renews Its D&O Insurance, Lynda A. Bennett, Chair of the Insurance Recovery group, discusses how banks and their directors can successfully access their coverage; the importance of understanding the scope of the bank’s indemnification of directors and officers before the policy terms are finalized; how the definition of “claim” in the policy may affect coverage for regulatory investigations and other matters; how to properly and timely file and manage a claim; and how to negotiate the language in the policy without necessarily increasing the cost of the coverage. She notes that “one of the biggest mistakes we see clients make is not providing immediate notice of claims. … A claim is defined in all of these policies quite broadly to include any written demand for monetary or nonmonetary relief.”