Directors and Officers Liability insurance provides cover for any person who was, is or becomes a Director, Officer or Member of the Company for loss arising from a claim being made against them, as the result of a wrongful act.
This would include but is not limited to, the following;
- Allegations of fraud or corruption against an insured person
- Serious injury to an employee or member of the public
- Resignation or dismissal of members of the company’s main board of directors
- Investigation by any official body or institution that is sanctioned to investigate the company’s affairs, where as a consequence of negative publicity or media attention within the UK, the commercial success of the company is at risk.
- Defending any error, misstatement, misleading statement, act, omission, neglect or breach of duty, actually or allegedly committed or attempted, by the company or any insured person in their capacity as a director, officer or member, in connection with a wrongful act
Unfortunately, a lot of people don’t realise that as a Director, Officer or Member of a Company, you are liable to pay compensation from your personal assets. Directors & Officers insurance is in place to stop this from happening.
It is important to note that this includes cover for even just being accused of having carried out a wrongful act, not just for having carried out the wrongful act.
A Limit of Indemnity is the maximum amount in which your insurer will pay should a claim arise. This can be arranged on an Any One Claim basis which means the limit would apply to each and every claim you have during the insured period.
Alternatively, this can be arranged on an ‘In the Aggregate’ basis which would mean the maximum limit would apply for the full year, meaning each claim during the year would need to total less than your maximum limit in order to be covered.
The limits available range from £100,000 up to the millions, all you need to do is give us a call and we’ll be happy to get a quote arranged for you.