While the liabilities of companies may be limited, the liabilities of the directors who run them are not so well protected. Directors are appointed to protect the assets and improve the performance of their company and have duties to shareholders, employees, regulatory bodies and third parties.
A mistake, whether perceived or real, and whether caused by an error in judgment or an omission, could well implicate the director personally in proceedings that are costly and time consuming to defend. Combine this with a harsher legislative and regulatory climate, an increased number of employment-related claims against directors, and it is easy to see why litigation in this area is increasing.
Directors' and Officers' ("D&O") insurance is increasingly of key importance in the boardroom and is becoming almost a necessity both for individual directors and for the companies which are required to indemnify them in the event of a claim or allegation being made.
That is where ITIC can assist you. ITIC offers a tailor-made D & O insurance product exclusively to its members. ITIC's product covers individual directors and officers, when acting on the board of their own company or where they are representing their business on the board of another organisation, for insurable losses incurred in that capacity as a result of:
• any allegation of a wrongful act
• any criminal, civil or arbitration proceedings
• any regulatory or administrative enquiry
To request a quote, please fill out a Directors' and Officers' proposal form
Directors' and Officers' Insurance - The Claims Experience
Directors' and Officers' Insurance - Draft Endorsement Indication
