OIl & Gas 360

We are at the crossroad of the largest financial crisis facing the oil and gas market, and the executive leadership teams of corporations are on the front line. The CAC Specialty restructuring leaders sat down with the team from EnerCom and Oil & Gas 360 to talk about personal asset risks and protections associated with being in leadership at this time of distress. 

 If you are a board member, or executive, making decisions impacting the employees and even the existence of the corporation; What keeps you up at night?   It should not be the personal risk.

Jason Horwitz, Executive Vice President, and Billy Kroupa, Senior Vice President, of CAC Specialty both have years of experience working collaboratively with clients on these issues and Directors and Officers (D&O) liability insurance. They shared their experience with EnerCom and Oil & Gas 360




 Key Takeaways 

What is Directors and Officers Liability Insurance (D&O)?

Directors’ & Officers’ (“D&O”) liability insurance is insurance coverage intended to protect individuals from personal asset exposure if they are sued as a result of serving as director or officer of a business or other type of organization. It can also provide balance sheet protection to the organization for (1) indemnification provided to directors and officers, and (2) defense costs, judgments and settlements associated with a claim where the company itself is a defendant.


D&O claims typically arise out of corporate governance issues, alleged violations of corporate law, or alleged breaches of the fiduciary duties owed to stakeholders (e.g., shareholders or creditors). Claims against publicly-traded companies oftentimes arise out of the requirements imposed by either the Securities Act of 1933 or the Securities Exchange Act of 1934. Finally, regulatory actions are a major source of D&O claims activity.


Jason Horwitz: “One of the biggest mistakes we see companies make is they treat D&O insurance sort of like an off-the-shelf policy or … check the box policy.”


Billy Kroupa; " And I would say just don't treat D&O insurance as a check the box item. There is a very broad spectrum of coverage that we say in these policies, everything from having a bankruptcy or credit or exclusion on the worst end to a policy that should be expected to respond. There is a very broad spectrum of breadth of coverage that we see in these policies, everything from having a bankruptcy or creditor exclusion on the worst end to a policy that should be expected to respond. But without having that review and understanding the actual scope of coverage, the fact that you have $10 million or 20 million dollars of insurance may, or may not actually be something that you can have comfort that it will actually work."


  • Off the shelf does not work in the D&O area, and each one needs to be crafted for the individual corporate circumstances.
  • It is not just a check box - you need to have experts review the policy to ensure the coverage matches the circumstances.
  • Sleep insurance - Can your board members, and executives, focus on their jobs rather that worry about every decision and how it may impact their personal assets?
  • All restructuring is not the same.
  • Sooner is always better (and maybe cheaper) but It is never too late to get the right coverage in place.



Expanding what’s possible for solving risk challenges – from the simple to the previously unsolvable.

We are a risk solutions company that brings you seasoned and proactive industry leaders, operating as a nimble and collaborative partner who puts you and your business first. With a knowledge-driven approach informed by data and decades of honed instinct, CAC Specialty brings an innovative vision to insurance broking to solve your risk challenges - from the simple to the previously unsolvable.

Jason Horwitz -CAC Specialty - oilandgas360

Jason Horwitz

Executive Vice President

Jason leads CAC's Special Situations Group, a unique practice in the insurance brokerage industry consisting of restructuring professionals who focus solely on insurance solutions for distressed and bankrupt companies.


Their expertise guides clients through the unique personal asset risks that arise in a distressed environment, as well as corporate issues such as collateral recapture, transactional liability, complex claim resolution and surety issues.




Billy Kroupa -Sr. VP CAC Specialty - oilandgas360

Billy Kroupa

Senior Vice President

Billy is a Senior Vice President at CAC Specialty with expertise in the placement of Directors & Officers Liability, Professional Liability, Employment Practices Liability, Fiduciary Liability, Crime, and Kidnap, Ransom & Extortion insurance programs on behalf of his clients.

As a member of CAC’s Special Situations Group, Billy focuses on insurance solutions for the most complex risks, including companies in financial distress and bankruptcy. Billy has handled the Directors & Officers Liability insurance placements for a number of large, high-visibility IPOs. Billy also has significant experience with companies in the Energy, Technology, Financial Institution and Real Estate sectors.

Adding Transcript for the questions and answers here. It is currently being reviewed


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