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Directors of companies large and small can be exposed to personal liability for breaches of duties. A simple act, error or omission can be enough to spark a claim against you or your company.
Citycover Management Liability Insurance is especially important for directors who are also owner shareholders of a company.
You can personally be exposed to:
- the cost of defending a claim, and any damages and costs awarded. These can be based upon an allegation of you breaching your duty as a director or officer.
- the cost of preparing for and being represented at an inquiry that you are required to attend because you serve as a director or officer.
- pecuniary penalties that arise from you being a director or officer.
- a claim against you by another director, officer or employee arising from an employment related complaint.
- liability whilst serving as an external director.
- liability whilst acting as a trustee of a corporate superannuation fund.
Your company can also be exposed to:
- the cost of defending a claim, and any damages and costs awarded as a result of a wrongful act.
- theft or fraud by employees.
- the cost of investigating theft or fraud by employees.
- pecuniary penalties imposed on the company.
The policies available through Citycover Brokers can cover:
- Directors & Officers Liability - providing coverage for mis-management claims against the directors and officers where they are non indemnified by the Company
- Company Reimbursement - providing coverage for mis-management claims against the directors and officers where they are indemnified by the Company
- Company Liability - providing coverage for mis-management claims against the Company
- Crisis Containment - providing coverage for costs associated with the appointment of a public relations consultant to assist with the management of a crisis threatening the business
- Employment Practices Liability - providing coverage for claims by employees against the Company for employment related issues such as unfair dismissal, sexual harassment or discrimination
- Superannuation Trustees Liability - providing coverage for mis-management claims of the staff superannuation fund
- Fidelity Guarantee - providing coverage for direct financial loss caused to the Company by the dishonesty or fraud of employees or directors
- Advance payment of defense costs
- Legal representation costs incurred by directors/officers at official investigations or inquiries
- Cover for directorships held with other companies
and other specific requirements to suit your business.
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