Directors and Officers Liability
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If you are a director, prescribed Officer or Senior Manager, Directors and Officers Liability insurance is important. As your actions and decisions can result in a loss for your company or a stakeholder, you can be held personally responsible. Paying legal fees is only one expense, your personal assets like your pension fund can also be at risk.
Who needs this cover?
- 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 need this cover?
The Companies Act imposes personal liability for breach of fiduciary duty. When you accept your appointment as a manager or a director, you take on 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 cover?
- Awards
- Defence costs
- Investigation costs
A Director/Company can be legally liable to pay for 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. The claim must be made against you first and then you must tell us during the period of insurance.
