The SEC yesterday announced new disclosure guidance requiring public companies to discuss material effects of climate change on their financial performance. This new requirement exposes a risk for public companies and their directors and officers who should be insured against securities litigation arising from inadequate disclosure. Many Directors & Officers insurance policies exclude coverage for claims arising from "pollution," which could mean a hole in coverage for such disclosure violations. I encourage companies to take a look at their policies and insist that their carriers fill in that potential gap by endorsement or otherwise. Contact me if I can be of assistance.