E&O insurance does not cover criminal charges. It only covers errors and omissions. If you are accused of criminal wrongdoing (i.e. ethics violations) you have no coverage. Your insurance company will simply advise you to "hire a lawyer".
BTW I don't believe Alaska law provides for legal services for ethics accusations. The $100,000 fund was a loophole created by the legislature which would probably have been declared illegal if Palin had accepted the money and then would have added one more bogus ethics charge to her enemies' arsenal.
Leni