Directors and Officers Liability
Directors and Officers Liability
Directors and Officers Liability
Directors and Officers Liability insurance is of vital importance to Directors, Prescribed Officers or Senior Managers . The actions and decisions you make can directly result in a loss for your company or a stakeholder. Should this occur, you can be held personally responsible. High legal expenses are one factor to consider. The other is that your personal assets, like your pension fund, can be at risk
Who requires this insurance?
- A member of a company board, whether executive or non-executive
- An alternate director of a board
- Any person who acts as a director, even if not officially appointed
- Prescribed Officers
- Senior Management
- Employees who serve on committees
- Any person who sits in a management role and who makes management decisions on behalf of the company.
Why do you require this insurance?
The Companies Act imposes personal liability for breach of fiduciary duty. On acceptance of your role as a manager or director, you assume a fiduciary duty in respect of the company. Anything you say or do must be in the best interests of the company, and with any business you undertake on the company’s behalf.
What do we insure?
- Awards
- Defence costs
- Investigation costs
A Director/Company can be legally liable to pay any of the above, following an alleged negligent act, error or omission, misrepresentation, or misstatement committed by an insured person during the course of the insured business. Once a claim has been made against you, you will then be required to notify us during the period of insurance
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If you remain claim-free for four uninterrupted years, then you will be entitled to a pay-out of either your entire first year's premiums or up to 25% of all your premiums paid over those four years, whichever is the lesser. You can add Cash Back Plus for a small additional monthly fee.
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