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Risk taking in business contributes towards innovation. Yet excessive risk taking is associated with corporate failure. Many authors have analysed the relationship between personal liability rules of managers and excessive risk taking. In this context, previous researchers have often argued that insurance against personal liability of the manager (D&O insurance) would weaken the manager's incentive to take care. However, little is known about the workings and effects of D&O insurance. This book analyses how D&O insurance should work ideally and how it currently works in the USA, the UK, the Netherlands and Germany. It illustrates how D&O insurance threatens - but also benefits - society and the economy. In fact, a properly functioning D&O insurance system can more elegantly incentivize adequate risk taking than for example, direct regulation of managerial activity (e.g. disqualification) or the adoption of harsher liability rules.

Company law. Associations --- Business policy --- Insurance law --- Aansprakelijkheid (Recht) --- Aansprakelijkheidsrecht --- Aansprakelijkheidsverzekering --- Assurance de responsabilté civile --- Assurance-responsabilté civile --- Assurances de responsabilté --- Chefs d'entreprise -- Responsabilité --- Employers' liability --- Employeurs -- Responsabilité --- Financial risk management --- Financieel risico-management --- Gestion de risques financiers --- Injuries (Law) --- Insurance [Liability ] --- Liability (Law) --- Liability [Employers' ] --- Liability insurance --- Management financial risk --- Management financiële risico's --- Responsabilité (Droit) --- Responsabilité civile des employeurs --- Responsabilité des employeurs --- Responsabilité juridique --- Responsabilité légale --- Responsabilité patronale --- Responsabilité pénale des employeurs --- Risques financiers [Gestion ] --- Tort liability of employers --- Verzekering [Civiele aansprakelijkheid ] --- Werkgevers -- Aansprakelijkheid --- Executives' liability insurance --- Risk management --- Assurance de responsabilité des employeurs --- Assurance de responsabilité civile --- Risque (assurance) --- Chefs d'entreprise --- Employeurs --- Gestion du risque --- Assurances --- Responsabilité --- Executives' liability insurance. --- Risk management. --- Accountability --- Legal responsibility --- Responsibility (Law) --- Responsibility [Legal ] --- Managerial accounting --- Belgium --- Juridical aspects --- Assurance de responsabilité des employeurs. --- Gestion du risque. --- Assurances. --- Responsabilité.