Directors and Officers Insurance

Directors and Officers Insurance, do I really need it? When the topic of Directors and Officers Insurance is raised, this is the most common question. Well, it depends. You may be a limited company and as director of that limited company, stick to procedure and do everything to the best of your abilities. But that doesn’t mean errors will not occur. Insurance has always been about peace of mind. When asking, “Do I need D&O Insurance?” It should be looked at in the context of the potential liability of loss you could face. This is why many Directors take out a Directors and Officers Insurance policy. One thing that truly answers that question for most Directors and Officers is that your personal assets could be at risk. A frightening thought, but it is a fact. Being a Director or Officer has the potential to be rewarding, and with such reward comes extra responsibilities to your employees & customers.

What is Directors & Officers Insurance?

Sometimes known as D&O, this covers the insured for alleged wrongful acts by Directors or key managers (officers). A wrongful Act may be the likes of –

  • Breach of Duty
  • Breach of Health & Safety
  • Defamation
  • Error
  • Neglect
  • Misleading statements
  • Wrongful trading

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This type of insurance policy will provide financial protection against any claim made against you personally as a Director of a company. This will also apply any officer or partner of a company. A Directors and Officers Insurance Policy will cover you for the costs to defend or even settling legal or alleged criminal actions.

What limits do Directors and Officers Insurance provide cover up to?

Cover can start from £50,000 and continue up to millions. It does depend on your vocation and what you may think your potential liability could be. Everyone is different and the potential risks one faces will be very different to the next person. Property Insurance Centre will tailor a Directors and Officers Insurance policy that will work to your needs and what your particular role is.

What can a Directors and Officers Insurance policy cover you for?

  • Director’s and/or Trustee Liability – Any notifiable claim against the Director or Trustee.
  • Reimbursement – Any sums that you have paid or are held liable to pay the Director or Trustee by way of an advancement or reimbursement in relation to the Director’s or Trustee’s liability.
  • Shareholder Derivative Costs – Payment on your behalf the Shareholders Derivative Costs.
  • Identity Theft – Defence costs incurred by a Director/Trustee in connection with Identity Theft Claims.
  • Automatic Acquisition Cover – If an entity is acquired then that entity will be treated as a subsidiary.
  • Corporate Manslaughter – Cover for death of another person under the Corporate Manslaughter and Homicide Act 2007.
  • Emergency Costs – Retrospective approval for such costs for the aggregate amount you are insured for.
  • Regulatory Crisis Costs – Any fees, costs or expenses of any consultant chose by a Director or Trustee, incurred whilst responding to (a) A Raid or on-site visit, (b) A public Announcement, (c) formal notice legally compelling the Director to answer questions or attend interviews with an Official Entity.
  • Retirement Run-off – Wrongful Acts committed before the policy expired.

Who takes out a Directors and Officers Insurance Policy?

People from all walks of life and every industry take out these policies. Property Insurance Centre are heavily invested in property insurance and many of our Block of Flats Insurance Policy Holders opt to include a D&O Policy. Many blocks of flats insurance policies are set up in the name of limited companies, and sometimes the leaseholders or persons involved in running the blocks are directors. Estate Agents, Property Managers & Private Road Owners are just a small handful of some of the Directors and Officers Insurance policy holders we cover.

What should I expect to pay for a Directors and Officers Insurance Policy?

Policy pricing, like anything will depend on what limits you set on the policy and what the industry is. Some industries are potentially more at risk from claims than the next. You should expect pricing to start from circa £80 for the lowest level of cover from the least risky trades or ‘companies’.

If you need any further information or are thinking of adding a D&O policy to your portfolio, then contact one of our Qualified Advisors on 0800 085 3761.

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Why choose the Property Insurance Centre

Independent advice by approachable staff online or by phone

Access to a wide range of insurers to source suitable insurance cover for your needs

Bespoke Insurance Schemes & Portfolio Policies available

We can tailor your policy to suit your exact needs to give you complete peace of mind

Competitive Premiums

Cover available for the buildings while the property is being converted, renovated or extended

Over 40 years experience working with the best insurers in the UK

Excellent communication so that you understand what risks you are insured against

Why choose the Property Insurance Centre

Independent broker with staff you can speak to by phone or online

Access to a wide range of insurers to source suitable insurance cover for your needs

Bespoke Insurance Schemes & Portfolio Policies available

We can tailor your policy to suit your exact needs to give you complete peace of mind

Competitive Premiums

Cover available for the buildings while the property is being converted, renovated or extended

Over 40 years experience working with the best insurers in the UK

Excellent communication so that you understand what risks you are insured against

Why choose the Property Insurance Centre

Independent broker with staff you can speak to by phone or online

Access to a wide range of insurers to source suitable insurance cover for your needs

Bespoke Insurance Schemes & Portfolio Policies available

We can tailor your policy to suit your exact needs to give you complete peace of mind

Competitive Premiums

Cover available for the buildings while the property is being converted, renovated or extended

Over 40 years experience working with the best insurers in the UK

Excellent communication so that you understand what risks you are insured against

Specialists in Commercial & Residential Insurance

We have over 40 years experience as Residential and Commercial Insurance Brokers. We find the right policy to suit your needs and understand the risks that a property owner can face in the course of ownership. We work closely with our Insurers to get the best rates and our experience and excellent relationships with them mean that we can provide cover for even the most difficult to place risks.

Whether you have an adverse claims history, a high value property or a large portfolio of properties, we can source suitable cover for you. Whatever your requirements, we can tailor a specialist property insurance policy to suit your exact needs and provide you with a range of quotes to choose from. Established in 1976, we are not a call centre but a specialist insurance broker with a traditional office mentality, where the client comes first.

Looking for a quote now? Give us a call on 0800 085 3761 or complete one of our quote request forms.

We are also authorised and regulated by the Financial Conduct Authority and you can view our registration here.

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Call Us on 0800 085 3761