SPAC Sponsors & D&O Coverage: What You Need to Know
As securities litigation involving SPACs continues to rise, SPAC sponsors are increasingly finding themselves named in lawsuits. In this episode of The SPAC Podcast, Mike Blankenship and Chaz Churchwell break down what sponsors need to know about D&O (Directors & Officers) insurance in this shifting legal environment.
Chaz shares recent litigation trends—including the fact that 96% of SPAC-related securities lawsuits in 2024 named the sponsor team—and emphasizes the importance of specific endorsements that extend D&O coverage to sponsors. Many teams may not realize that sponsor protection isn’t automatically included, even though adding it is often free. The episode also touches on the rising cost of legal defense and the importance of evaluating policy limits in light of today’s risk exposure.
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Chaz Churchwell
Founder & Principal
Chaz is a ~20 year industry veteran and U.S. Army Reserve veteran. He holds membership with the Professional Liability Underwriting Society, and is regularly asked to speak internationally on insurance coverages/trends for public companies. With a BA from the University of North Texas and an MA in Apologetics from BIOLA University, his commitment to excellence is evident. Establishing Churchwell Insurance Agency in 2014, Chaz and team are now serving over 1,200 clients.
Specializing in executive liability insurance, he’s on track for the prestigious ExecPLP designation. Chaz and his team prioritize personalized solutions, adeptly navigating complex financial scenarios. Beyond work, he values investing time in family, fitness, and faith. He loves supporting his daughter’s basketball pursuits and continues to hope for a Cowboys’ Super Bowl return, despite renewed disappointment every season. Chaz’s favorite charity is The Mighty Oaks Foundation that fights veteran suicide, by bringing veterans who are suicidal and their spouse in to a no-cost program to find purpose and save that vet’s life. A portion of agency profits goes to fight for the lives of those who risked their lives to fight for us.