Directors & Officers Liability
Directors and officers can be held personally responsible for their decisions
in the course of managing a company.
Lawsuits brought by investors, competitors or clients as well as investigations
by regulatory agencies are difficult and costly to defend.
Directors’ and Officers’ Liability insurance provides protection for individual
defendants and, in some cases, the company.
In the course of operating a business, the company and their Directors and Officers operate within an increasingly demanding regulatory climate.
Any mistakes made which adversely affect shareholders, employees, creditors and other parties of the company can lead to requirement to defend an action.
Circumstances under which a company is permitted to indemnify its Directors and Officers are limited under the Company’s Act and if sued in their personal capacity, whilst acting on the company’s behalf, they may not be able to rely upon the company to protect them.
Unlike the company, this personal accountability may be unlimited and can lead to bankruptcy, the seizure of assets and estates, potentially including those owned by a spouse.
Directors and Officers liability insurance provides cover for those persons authorised to act on behalf of the company in respect of their wrongful acts leading to a loss and reimburses the company itself where the company is required or permitted to indemnify such persons for such loss.
Cover extends to:
- Include defence costs
- Employment Practices' Liability *
- Environmental Liability defence costs
- Outside board directorships
- Spouses
* In addition, specific cover is available to protect the company itself, its’ directors and employees against the uncertainty of employment related actions
Directors and Officers Proposal Form
Lockton Service
The key to our success is working in close partnership with each of our clients. Our specialists take time to listen and to understand your specific goals so that we deliver insurance solutions tailored to your requirements. This approach has earned us the trust of clients all over the world.
The same team that designs, negotiates and implements your business insurance plan with the carrier is also responsible for managing your service needs. This dedicated team approach increases our understanding of your business, allows us to anticipate your needs, and creates accountability and ownership by the team throughout the entire process.
Most insurance brokers promise a high-level of personalized service, but our unique structure allows us to actually deliver on that promise everyday. As a private, family-owned company, all our Associates focus solely on you, our client, rather than public shareholders.
We firmly believe we get business based on our expertise, creative solutions and outstanding service. Just as importantly, our client retention rate of 95 percent reflects our commitment to each and every client.