Directors and Officers Liability (D&O) insurance
Directors and Officers Liability (D&O) insurance is designed to cover the cost of compensation claims made against your business’s directors and key managers (officers) for alleged wrongful acts. Directors and Officers Insurance is relevant for any Director, Officer or Senior Manager of a public, private or government organisation. Claims can arise from a variety of sources, including, but not limited to:
- Breach of trust
- Breach of duty
- Neglect
- Error
- Misleading statements
- Wrongful trading
Covers and additional covers available:
Directors & Officers
Directors, business owners and senior management could take decisions, or make errors or omissions that land them in hot water legally. Accusations of alleged wrongdoings can come from many different sources, including other directors and shareholders, and it can be the individual who is personally held accountable. Directors and Officers Insurance protects them from any large defense or compensation costs, fines or penalties, providing the allegation doesn’t relate to any intentional breaches, such as fraud.
Corporate Legal Liability
Corporate legal liability is similar to D&O insurance but defends claims made against the company as opposed to individuals. These claims range from maladministration of a company pension, an employee benefit claim, breach of data protection or corporate identity crime. And also defense costs of health and safety, taxation or other regulatory claims
Employment Practices Liability (EPL)
Actions alleging discrimination, harassment, breach of employment contract, defamation, misleading misrepresentation, wrongful discipline, etc.
Pension Trustee liability (PTL).
Although often unpaid, trustees are expected to understand and keep up to date with the laws and investment principles of their schemes. They must challenge their advisors and employers when they need to. Failure can result in fines or other penalties against them and the company.
Pension trustee liability insurance is designed to meet defense costs, awards, damages, and investigation costs of trustees involved in running the pension scheme who are accused of mistakes or oversights in their duties.