DIRECTORS & OFFICERS LIABILITY
Directors and Officers liability insurance (D&O) protects the personal assets of directors and officers with respect to wrongful acts undertaken in the course of the performance of their supervisory and managerial duties.The policy is purchased by the company for the benefit of the directors and officers as individual insured.
The policy will pay on behalf of each insured where they are not indemnified by the company and the policy will reimburse the company itself for a loss where it has indemnified a director in respect of a claim made against them.
Who Is Covered?
- Past Present and Future Directors, Officers,Employees acting in a management or supervisory capacity.
- Outside Entity Directors
- Advancement of defence costs
- Legal fees and expenses for attendance at any investigation
- Outside directorship cover
- Automatic Discovery period
- Subsidiaries as per definition in wording
- Lifetime run-off for retired directors
- Special excess protection for non-executive
- Directors which is in excess of aggregate limit of liability
- Prosecution expenses
- Risk management extension
- Entity cover for Securities Claims
- Entity Employment Practices Claims
- Non-Executive Board Members Protection
- Bodily Injury & Property Damage defence costs.
- Outside Directorship
- Life-time runoff for retired insured
In the event that an Insured company becomes insolvent and a Director or Officer is subsequently named in a claim, the policy will be able to respond directly reimbursing the individual. No deductible shall apply.
Shareholder claimsShareholders with a vested interest in a company are particularly sensitive to company share price and dividend payments. Coverage is provided for claims made by Shareholders alleging mismanagement and negligence.
Automatic Discovery PeriodIf the policy is not renewed or replaced with similar cover, the policyholder will be entitled to a 30 day discovery period and a 6 year discovery period for retired insured persons.
Provision in Local LawCompanies Act 2017 provides provision to procure Insurance by a company on behalf of officers of the company, for exempting any officer or auditor of the company, from, or indemnifying him against, any liability which by virtue of any law would otherwise attach to him in respect of any negligence, default, breach of duty or breach of trust of which he may be guilty in relation to the company.