Directors and Officers Liability Insurance
Individuals serving on boards of public, private or non-profit organizations
can be personally pursued for actions of the companies they serve.
Directors & Officers Liability Insurance can protect them against that risk.
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What is Directors and Officers Liability Insurance?
Directors and Officers Liability Insurance (D&O), covers costs associated with indemnification, losses or legal defence against an individual who serves as a director or officer for the board of a corporation, whether it’s for-profit or non-profit, public or private.
Directors and officers can be liable for alleged actions such as: breach of common law duties, negligence in their duties, breach of their fiduciary responsibility to shareholders or violation of provincial or federal laws.
Who needs D&O Insurance?
Any company with a Board of Directors should consider D&O coverage. This applies equally to public, private and non-profit organizations. D&O coverage will not only help you attract the best leaders but also allow them to operate without fear.
Quite often, new directors or officers will demand D&O coverage as a condition of employment, as a way to protect their personal assets. Sometimes investors will require D&O policies before injecting capital to ensure they protect their investments.
What is the cost of Directors & Officers Insurance?
The cost of an D&O policy varies according to risk factors such as:
- Company size
- Depth of employee training
- Past lawsuits
- Quality control procedures
Getting insured is quick and easy!
If D&O insurance is what you need, request a free quote now
Common scenarios where Directors and Officers Insurance is useful
A board of directors appoints a President who leads the company to huge losses – shareholders decide to sue the board for poor judgment in hiring.
A Board Director fails to keep his personal assets separate from his business assets due to miscommunications with his lawyer and accountant, and shareholders sue for misuse of funds.
A board of directors fires two employees for poor performance, but they decide to sue, claiming they were wrongfully dismissed due to their race.
Frequently Asked Questions about Directors & Officers Insurance
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