Directors and Officers Liability
As a director, prescribed officer or senior manager, your actions and decisions can result in a loss for your company or a stakeholder. As you can be personally held liable for this, the legal costs can be really high, plus your personal assets like your pension fund are at risk. To make sure that you can still do your thing and earn your ching, Directors and Officers Liability insurance has you covered.
Who needs this cover?
Individuals or companies who give professional advice. These professionals usually hold qualifications in their area of expertise and include:
● A member of a company board, whether executive or non-executive
●An alternate director of a board
● Any person who acts as a director, even if not officially appointed
● Prescribed Officers
● Senior Management
● Employees who serve on committees
● Any person who sits in a management role.
Why do you need this cover?
The Companies Act imposes personal liability for a breach of fiduciary duty. When you accept your appointment as a director, you take on a fiduciary duty in respect of the company. Anything that you say or do must be in the best interests of the company, and with any business you undertake on the company’s behalf.
Frequently Asked Questions