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What is Directors' & Officers' Liability Insurance?

A Directors’ & Officers' Liability Insurance policy provides directors and officers with financial protection against alleged or actual ‘’wrongful acts’’ when carrying out their duties. The policy is designed to pay for any defence costs and financial losses that occur up to the limit of the policy within the policy parameters.

Do I need Directors' & Officers' Liability Insurance?

Increasing scrutiny of corporate behaviour and a claim-friendly legal environment have accelerated claims for Wrongful Acts made against directors in recent years. There have been many allegations including breach of duty, neglect, breach of contract, breach of employment legislation and breach of health and safety legislation. Whilst the size and ownership structure of a company can be a factor in determining the likelihood of a claim, it is considered by many a vital component of a risk management strategy which can also help protect the personal assets of the Directors in the event of company’s assets becoming exhausted.

 

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Directors' & Officers' Liability Insurance Cover Includes:

Claims against your directors, officers and employees arising from:

  • Breach of duty;
  • Breach of trust;
  • Negligence;
  • Defamation;
  • Breach of warranty of authority;
  • Pollution;
  • Pension scheme operation;
  • Manslaughter or claims under health and safety or employment legislation;
  • Extradition proceedings or bail costs.

Includes Entity Costs Coverage
Our policy, also, covers both the entity and its directors and officers for the costs incurred in responding to an official investigation, examination or enquiry into their business by a regulator or government body. An example would be a Section 166 investigation (Financial Service Market Act) where the entity has to pay the cost of a skilled person’s report.

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