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The days of management selecting friends and allies to the Board are gone. A Directorship must now be recognised as a profession in itself. Increasingly, Board members are becoming targets of liability suits that could wipe out their life savings and conceivably drive them into personal bankruptcy.
COLFIRE's policy covers PERSONAL LIABILITY risk. The policy is issued in the name of the company to protect the personal assets of the company's Directors' and Officers'.
COLFIRE's policy is not an indemnity policy. It pays on behalf of the insured losses arising from claims made against the Directors or Officers.
COLFIRE's policy is a "claims made" policy. The policy will pay loss as a result of claims that are made during the active life of the policy. The policy will protect the insured even if the claim is in respect to a wrongful act that occurred prior to the policy's inception.
COLFIRE's policy automatically allows for coverage of Directors' and Officers' of subsidiaries, merged and acquired companies since the policy covers downward from the parent.
Management Liability cover is available for the following lines:
- Directors' & Officers' Liability
- Pension Trustee Liability
- Association Liability
- Charity Trustee Liability
- COLFIRE Proposal Form
- Latest Audited Financial Report for two (2) years
- Latest or pending Prospectus (for companies issuing Initial Public Offering)
- Business Plan (for start-up Companies)
The above explanations give a summary of the type of cover available. For full details, including the exclusions and conditions that apply, please contact us at any of our offices.