Language Matters
Professional Services Exclusions
and D&O Liability
The Professional Services Exclusion (“PSE”) is one of the most common adjustments to Directors & Officers (“D&O”) policies/sections of cover, appearing in many as a standard feature (as opposed to a discretionary, endorsement based approach). This frequency of use might suggest a settled position both on language and intent, but this is far from the case, with inconsistency around construction, purpose and impact.