Investigative Support Cover
A key risk for many moderately sized businesses and larger is investigations. A larger number of governing bodies, as well as authoritative organisations, have taken the step to investigate a company for alleged actions. There is more attention than ever on company practices, methods, and motives. In some cases, investigations into an individual leader within a company can lead to investigative actions for their company. Investigative support often provides aid in immediate expert legal guidance becoming available. This can help to prevent situations from worsening.
Shared Responsibility Cover
Some situations result in shared responsibility. Here, directors and managers may be jointly at the same or at different levels responsible for errors. They may be liability, made an error, have financial or personal consequences impacting the business, or who have acted in some way together to allegedly violate business promises, practices, or legal elements of the company. Shared responsibility cover provides a higher level of protection not just for one individual, but for instances when negligence or liable claims occur against the entire group or more than one member of it.
Defence Support Cover
Individual Directors, or Officers, or other senior management within a company may face charges and claims from the government, another authority organisation, or other businesses and individuals. In these situations, D&O liability insurance can provide financial support for legal defence. This will aid in providing comprehensive legal support in trying situations. It often includes:
- Necessary investigations for any claims
- Understanding of local laws and federal guidelines – on an international scale
- Aid in forming a defence against the claims
- Resources to aid in supporting any financial support necessary to defend against such claims such as research, witnesses, expert testimony, or others
- Highly qualified, field and industry-specific legal representation
- Assistance from the insurer for all types of claims and instances
D&O insurance for global corporations must support legal representation within the country of operation. This means having a professional that understands that legal system and the needs of the company within that framework is essential. This is one of the most important components of any Directors & Officers liability insurance plans.
Personal and Professional Cover
Claims and actions taken against a company can also impact the individual Directors and Officers of it. Much like how the actions of an individual can impact those of the company, many senior management officials can face consequences when a company suffers losses or allegations of wrongdoing. Personal and professional responsibility cover aids in expending protections to individuals in such situations. Many Directors and Officers face a high degree of personal liability risk simply by working with a company. This type of cover mitigates those risks.
It can help in various ways. This includes aiding in fines resulting from settlements or damages, disqualification of licensing, reputation matters, and even possible imprisonment. The D&O liability insurance policy may provide immediate and highly qualified professionals to defend against such claims and threats and aid the individual senior management official through defence and recovery.
Key Features of Advanced D&O Liability Insurance Plans
Liability insurance policies range widely. Many companies must carefully consider the plans they obtain to ensure they provide comprehensive support. Key features to look for in the most advanced and complete policies include the following:
Comprehensive Allegation Response for:
- Consumer protection violations
- Unfair trade practices
- Breach of contract
- Failure to deliver
- Securities fraud
- Mismanagement and breach of fiduciary duty
- Regulatory actions brought against the company from government agencies (not limited to the E.U. or U.S.)
- Self-dealing and conflicts of interest
- Wrongful interference with contracts
- Cover for non-indemnifiable and corporate reimbursement claims (including securities-related claims)
- Non-cancellable policy cover
- Anti-rescission provision for non-indemnifiable claims coverage
- Outside directorship cover
- Coverage for lawyers employed by the company
Coverage for Your Team:
- All company executives, employees, and the company itself
- Protections may extend to executives’ spouses or domestic partners in situations of person’s wrongful acts claims
- Advisory board members, management committees, and other boards
- Protection can be put in place for prior acts in some situations, extending the reach of the policy
- Coverage can continue through situations of reorganisation; policies generally will terminate when a parent organisation will come out of bankruptcy
Let Osprey Insurance Brokers Work for You
Customised, Complete Director and Officer Liability Insurance is available from Osprey Insurance Brokers and our affiliated organisations. Work closely with us to aid in mitigating the risks your organisation faces. With our extensive experience aiding global organisations, we can provide companies with both affordable coverage and reliable results. Expect personalised service and outstanding support for all of your needs from our dedicated staff. Our industry leading team is available to discuss your specific areas of concern and needs while also working to meet your budgetary requirements. Contact us today for a quote or to schedule a consultation.