Management Liability – Directors and Officers Insurance
Directors’ and officers’ liability insurance covers the cost of compensation claims made against your business’s directors and key managers (officers) for alleged wrongful acts.
Directors and officers liability insurance cover protects companies’ director and officers against claims arising from their decisions and actions taken whilst managing their business. The standard or expected duties of a director have been established using statutes, case laws and applying regulations.
Duty of Care and Skill
This is a common law duty that requires directors to act with ‘the care an ordinary man would take in the same circumstances on his own behalf’ and with the skill expected from someone with his ‘particular knowledge and experience’.
Directors must act honestly, in good faith and in the best interest of the company .
There are many statutes that affect the conduct of directors and officers including: the Companies Act 1985; Insolvency Act 1986; Financial Services Act 1986 and the Health and Safety at Work Act 1974.
• Government and regulatory bodies
Contact us today for more information about how we assist you and provide the necessary coverage for you and your clients.