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Directors and senior managers can be held personally liable for claims made against their actions and decisions, resulting in significant legal costs and possibly compensation.

Directors’ and Officers’ Liability insurance covers this, and ensures individuals do not need to personally pay for any legal defence costs or compensation.

Do we need Directors’ and Officers’ Liability insurance?

Actions against the company and its management can involve a high degree of personal liability. Also investigations and court cases are time consuming and can be very expensive.

Without insurance, a director or company officer may have to fund any legal defence and compensation personally. This insurance covers them against this.

What does it cover?

This policy offers protection for individuals as a result of claims relating to ‘wrongful acts’. This includes breach of trust, breach of duty, neglect, error, misleading statements and wrongful trading.

Liability for directors and officers can arise under a specific law, or due to an individual’s duties to a company, through regulatory/disciplinary proceedings and when an individual acts on behalf of the company.

It is usually written on a Claims Made basis, which means the cover is triggered when a claim is made against the policyholder during the policy period, regardless of when the initiating act that gave rise to the claim (even retrospectively) took place.

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