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Directors & officers liability insurance
- 1. Directors & Officers Liability InsuranceWhat is It? Insurance that protects directors and officers against personal liability for losses incurred by a third party due to negligent performance by the director or officer It protects the personal assets of Directors and Officers or Reimburses the company where they are allowed to indemnify directors © Bensons Bespoke Insurance Ltd 2011
- 2. Why might I need it? Unlimited personal liability Increasing litigious workforce and environment Moving away from corporate responsibility and accountability Costs of defending can be substantial Expected to be in place © Bensons Bespoke Insurance Ltd 2011
- 3. What costs does it cover? © Bensons Bespoke Insurance Ltd 2011
- 4. Significant Exclusions Proven Fraud/Dishonesty Prior circumstances/litigation/official enquiry Bodily injury/property damage Professional services US/Canada © Bensons Bespoke Insurance Ltd 2011
- 5. Who might claim against me? Shareholders Employees Creditors Government agency Competitors © Bensons Bespoke Insurance Ltd 2011
- 6. Extensions Cover should also include Corporate Liability Responds to claims against the company Includes Corporate Manslaughter claims Employment Practice Liability Employment law claims made against the company © Bensons Bespoke Insurance Ltd 2011
- 7. What should I do? Contact © Bensons Bespoke Insurance Ltd 2011