Directors & Officers2019-01-10T13:45:45+00:00

Directors’ & Officers’

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Directors’ & Officers’ Liability Insurance otherwise known as Management Liability Insurance, offers protection to a Director, Partner or Officer of your Company. The specific purpose of this type of policy is to cover the cost of a potential claim for compensation made against the insured individual(s).

Directors’, Partners’ or Officers’ of a Company have certain responsibilities, be that to employees, investors, regulators or just members of the general public. Senior members of staff can make mistakes, it’s human nature. Often the individual could be considered personally responsible for any mistake made and as a result potentially legally liable for them. It can be a constant balancing act that includes making tough and complex decisions with significant repercussions.

Policies of this nature could potentially protect against the cost of defending or settling the below:

  • Legal liability for insured persons arising from wrongful acts
  • Legal defence costs, expenses and civil damages
  • Investigation costs and expenses
  • Criminal defence costs and expenses
  • Health and safety or manslaughter claim
  • Employment claim
  • Breach of duty or trust
  • Negligence
  • Defamation

Frequently asked questions (FAQ)

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What is Directors & Officers Insurance?2019-01-10T13:31:22+00:00

Directors & Officers Liability Insurance, also known as D&O Insurance covers the cost of compensation claims made against your business’s Directors and Key Managers (Officers) for alleged wrongful acts.

Wrongful acts may include:

  • A breach of trust
  • Breach of duty
  • Neglect
  • Error
  • Misleading statements
  • Wrongful trading
Why would my company need D&O Insurance?2019-04-05T11:44:03+00:00

If your company has Directors or Key Managers, D&O insurance can cover them against the cost of compensation claims made against them by shareholders, investors, employees, regulators or third parties.

Directors and Officers have specific duties and responsibilities related to their positions. These are usually set out in their job description or terms of reference. If a director or officer of your company is found to have acted outside of their terms of reference, civil, criminal or regulatory proceedings could potentially be brought against them.

If you would like to know more and find out whether Directors & Officers cover is for you and your business, please view our Knowledge Hub article here.

Do Insurers share information on claims?2019-01-10T15:03:58+00:00

On some occasions they do via selected registers. The best approach is to declare everything you think is relevant, thus removing any concerns you may have about historical data.

Do I need to declare any adverse financial history?2019-01-10T15:03:38+00:00

The answer is an emphatic yes! Most insurers will ask you a direct question in relation to liquidation or bankruptcies, it may be for a limited period or ask you to declare any incidents ever. It’s important to answer the question correctly as this is often an area that comes up when insurers are investigating claims.

What is a pro rata refund?2019-01-10T15:03:25+00:00

This is when a proportional amount of the premium is refunded in line with the amount of time that remained on the policy.

What is a minimum and deposit policy?2019-01-10T15:03:15+00:00

This is a non-refundable insurance policy, usually reserved for liability insurance policies.

Are all policies you sell exactly the same?2019-01-10T15:02:39+00:00

Policies vary greatly. Some products, like high net worth private household policies give very broad cover including warranty free policies whilst other policies may restrict cover to very narrow set of conditions using policy wordings. It is also true that insurers approach to claims handling varies greatly and you should always enquire as to how well an insurer deals with claims.

Can I cancel my policy if I change my mind?2019-01-10T15:02:50+00:00

Consumer policies tend to have a cooling off period. Some commercial policies will offer a pro rata cancellation refund if cancelled mid-term. Some policies are known as minimum and deposit. This means all the premium is due from the moment you take up the policy with no refunds given. It is always worth consulting with us regarding any questions you have around this. Our aim is always to provide you with the insurance solution which best fits your business and current needs.

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