Short answer: It's never too late, as long as no claim has already been filed.

D&O policies are claims-made, meaning they respond to claims made during the policy period regardless of when the underlying decision happened. TigerMark can backdate the retroactive date to match your offering date (your Form D, 1-A, or 1-C filing), so even if you bind coverage mid-raise or after closing, you're protected for decisions made since day one.

The only scenario that creates a true gap: waiting until after a claim is already filed or circumstances have been formally reported. At that point, that specific claim is uninsurable.

Best practice: Bind before or at launch. But if that window passed, bind now. The protection still applies retroactively to the start of your offering.