Law360, New York ( November 12, 2015, 1:03 PM EST) -- Directors and officers insurance is a must-have for every public company. The risks and costs of private lawsuits or government investigations are too great for any rational person to serve as an officer or director of a company without a solid D&O insurance policy. After nearly 20 years of defending officers and directors in securities litigation, I have experienced firsthand the hardship caused by inadequate or inappropriate D&O insurance. Contrary to public perception, most officers and directors of public companies are not extraordinarily wealthy — the cost of financing the defense of a securities class action, derivative lawsuit or government litigation (much less of funding a settlement) is too great to bear for most individuals without D&O insurance....