Directors and Officers Insurance | Master Builders Insurance Brokers
Directors and Officers Insurance
Cover for directors and senior managers.
Individual defence costs
Damages and settlements
Investigation and pre investigation costs
Individual assets and liability costs
What is Directors and Officers Insurance?
Directors and Officers Insurance (often called “D&O”) protects the personal assets of corporate directors and officers along with their spouses, in the event they are personally liable for wrongdoing in managing a company.
Directors and Offices Insurance protects your company’s past present and future directors, officers and managers against claims of wrongful acts, such as misrepresentation or breach of fiduciary duty. even if you aren’t ultimately found to be liable, the cost of defending yourself can still be significant.
If a third party makes a claim against the business, they might name certain directors. This might leave the directors open to personal losses. Therefore, their income, personal assets might come under threat. D&O coverage can therefore help them cover themselves should they have to make personal remittance to affected parties.
Why do you need this policy?
Here's an example:
A worker operating an excavator accidentally dug into an electrical cable and was permanently injured and unable to work again.
It was alleged that his Employer had breached various sections of the Work Health and Safety Act. The Employer strenuously defended the action, and the matter was subsequently discontinued.
They did however incurred defence costs of over $200,000 that were covered by their Directors and Officers Insurance policy.