Management Liability
Including Directors
Including Directors
Management Liability policies have evolved from Directors & Officers Liability Insurance, which was designed to protect the personal assets of directors and officers by providing indemnity for loss arising from a claim as a result of a wrongful act committed in the course of performing their management duties. The product is now a packaged product similar to a Business Insurance package, however covering the intangible components of your business risk such as claims from shareholders, employees, or statutory bodies. Some of the types of cover included are as follows;
The Risk: | Management Liability Coverage Section: |
Investors, customers, clients, government regulators, and competitors can sue a firm’s board members and officers over their actions or decisions. | Directors and Officers Liability Insurance |
Employees and formers employees can sue a firm, its board members and its officers for discrimination, harassment, and other illegal employment practices. | Employment Practice Liability Insurance |
A regulatory/Government body may impose a fine upon the company for breach of their statutory requirements. | Statutory Liability |
A trusted employee can embezzle funds, steal company money, or commit fraud over a long period of time. | Fidelity Insurance |
Other important sections that may be provided include
These policies typically exclude someone who holds more than 15% of the shares from being able to sue another director and obtain cover under the policy. They typically exclude bodily injury and property damage claims. The reason for this is the company already has a general insurance program in place.
Find out what Austbrokers Countrywide can do for you.
For an obligation free insurance review, talk with one of our specialist brokers today to find out more.
Toll free: 1800 245 123
Phone: (03) 9835 1300
info@abcountrywide.com.au
Level 2, 35 Dalmore Drive
Scoresby VIC 3179
Toll free: 1800 245 123
Phone: (03) 5625 1015
drouin@abcountrywide.com.au
3 Bank Place, Drouin VIC 3818
Toll free: 1800 245 123
Phone: (03) 5662 4222
leongatha@abcountrywide.com.au
63 Bair St, Leongatha, VIC 3953
By purchasing online:
• You are expected to self-manage your policy.
• There is no advice provided by Austbrokers Countrywide.
• You will need to manage your own claims directly with COVERMORE by calling 1300 728 822.
• If you need to make changes to the policy, you will need to contact COVERMORE on 1300 728 822.
By purchasing online:
• You are expected to self-manage your policy.
• There is no advice provided by Austbrokers Countrywide.
• You will need to manage your own claims directly with CHUBB by calling 1800 803 548.
• If you need to make changes to the policy, you will need to contact CHUBB on 1800 803 548..
By purchasing online:
• You are expected to self-manage your policy.
• There is no advice provided by Austbrokers Countrywide.
• You will need to manage your own claims directly with EMERGENCE by calling 1300 799 562.
• If you need to make changes to the policy, you will need to contact EMERGENCE on 1300 799 562
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Or call Countrywide Advice on 1300 991 479.
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By purchasing online:
• You are expected to self-manage your policy.
• There is no advice provided by Austbrokers Countrywide.
• You will need to manage your own claims directly with Austbrokers Life Solutions by calling 1300 161 635.
• If you need to make changes to the policy, you will need to contact Austbrokers Life Solutions on 1300 161 635.