Management Liability

MANAGEMENT LIABILITY (Directors & Officers Liability) The policy is designed to protect the PERSONAL ASSETS of directors and officers by providing indemnity for any loss arising from a claim as a result of a 'Wrongful Act' committed by them in the course of performing their duties.

Wrongful Act means an actual or alleged breach of duty, breach of trust, neglect, error, omission, misstatement, misleading statement, breach of warranty of authority or other act committed or attempted by an Insured Person, individually or otherwise, in the course of his duties to the corporation.

Email us your details

Information you need to provide:

Business details including address, business type, turnover and number of staff Length of time with current/previous insurer Claims history including number of, date and type of claims

Key Features

Corporate Reimbursement Cover

Entity Cover

This is extremely relevant for private companies that are owned by the directors. A claim against the company will cause the same financial hardship to the owner therefore cover is extended to provide protection to the corporation.

Employment Practices Cover

Breach of employment practices.

Superannuation Trustees Cover

Provides cover when the company has a sponsored staff superannuation fund when a trustee responsibility breach occurs.

Corporate Crisis Cover

Covers the cost for external crisis management services in the event that the Corporation is in the unenviable position of suffering a crisis $250k sub limit.

Statutory Liability Cover

Covers the Insured for a Penalty imposed by a Regulatory Authority for unintentional breaches of several acts $500k sub limit.

Tax Audit Cover

Provides Tax Audit Costs incurred by the Corporation in relation to an investigation or audit undertaken by the Australian Taxation Office $500k sub limit.

Employee Infidelity Cover

Provides employee theft cover for Dishonest Acts committed and discovered after the date from which the corporation has maintained uninterrupted fidelity insurance $250k sub limit

WHY WOULD YOU BUY THIS PRODUCT?

Many companies and their directors and senior managers unwittingly allow themselves and their PERSONAL POSSESSIONS to be exposed to litigation that occurs on an almost daily basis.

It is not unusual for privately held companies to be owned by the directors. These individuals have often built up the business through many years of hard work and personal sacrifices. These companies are in a position where they make a positive contribution however their efforts sometimes result in a third party being upset and angry by a decision that the company has taken.

WHAT ARE SOME COMMON TYPES OF CLAIMS BROUGHT AGAINST DIRECTORS AND OFFICERS

  • Breach of duty/neglect
  • Trade Practices/Fair Trading Legislation
  • Insolvent trading under Section 588G of the Corporations Act 2001
  • Mergers and Acquisitions (misleading and deceptive conduct)
  • Shareholder disputes
  • Employee claims (unfair dismissal, discrimination, sexual harassment)
  • Unions/members (defamation)
  • Regulatory authorities (ATO, ACCC, anti-discrimination boards, etc)
  • Federal and state government offices
  • Breach of contract

MANAGEMENT LIABILITY (Directors & Officers Liability) The policy is designed to protect the PERSONAL ASSETS of directors and officers by providing indemnity for any loss arising from a claim as a result of a 'Wrongful Act' committed by them in the course of performing their duties.

Wrongful Act means an actual or alleged breach of duty, breach of trust, neglect, error, omission, misstatement, misleading statement, breach of warranty of authority or other act committed or attempted by an Insured Person, individually or otherwise, in the course of his duties to the corporation.

Information you need to provide:

Business details including address, business type, turnover and number of staff Length of time with current/previous insurer Claims history including number of, date and type of claims.