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In2 Directors and Officers Liability Insurance

legal terms #1

New legislation including the Companies Act 2008, The Consumer Protection Act, and the Protection of Personal Information Bill has provided for an increase in the risk of personal litigation against company directors and officers.

Every day company officials and directors are faced with important decisions. These decisions, made by well-meaning people with good intentions and based on sound informatin, are sometimes flawed. It is important to remember that companies and organisations don’t make the decisions but rather it’s the individuals who have been entrusted with the management of the organisation who do. For this reason Directors and Officers Liability Insurance cover is a vital part of the overall insurance requirement of a company.

If the shareholder of a company sues the board of directors for mismanagement or negligence, the directors and officers could be held personally responsible. This means that their personal assets, for example house, or personal bank account could be at risk.

Directors and Officers Liability Insurance is designed to indemnify directors and officers against claims that they are legally liable for as a result of an innocent act or error in judgement.

Directors and Officers Liability Insurance provides protection against allegations such as:

  • Misrepresentation or mismanagement
  • Breach of fiduciary duty
  • Negligence
  • Unfair trade practices
  • Consumer protectiion contraventions
  • Breach of franchise agreements
  • Wrongful interference with a contract
  • Copyright, patent or trademark infringement

With this product, the past, present and future directors (and even the company, if it has indemnified the directors and officers) can claim for the following on account of claims or lawsuit judgements by shareholders, employees, creditors, customers, competitors, regulators or any other stakeholder:

  • Civil and criminal defence costs
  • Legal representation ecpenses
  • Damages
  • Judgements
  • Settlements

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