CHAS Insurance has a number of specialist schemes for Director's and Officers's Liability Insurnace for all types of trade.
Company Directors are facing an increasingly litigious society; there is a far greater awareness on the part of third parties and shareholders of the duites and responsibilities of a Company Director. As a result, company directos and officers are coming under far greater scrutiny from shareholders, employees and other stakeholders to act in the best interests of the company and comply with their stautory duties. Insuring your company directors and officers in this respect is now more important then ever.
Directors and Officers Liability insurance policies in the United Kingdom consists of three fundamental covers.
This protects the individual in respect of civil defence costs and certain additional losses that are not indemnified by the company.
The offers reimbursement to the company where it has indemnified its directors
This is generally an optional cover protecting the company in respect of defence costs and certain liabilities arising out of civil and criminal actions. It can be extended to include employment practice claims such as unfair dismissal, race, sex, age, and disability discrimination.
In November 2006 the Companies Act 2006 overhauled the existing legislation of the Companies Act of 1985. It is a common misconception that directors in a limited liability company are protected from individual actions, this is not the case. In fact all directors and those acting as directors have unlimited personal liability in a wide range of cicumstances under the Companies Act
Under this legislation the overwhelming majority of companies in the United Kingdom are subject to scrutiny by the police and health and safety executive in the even of a workplace death. The act creates a new offence of corporate manslaughter and if convicted a company may face an unlimited fine and the act makes provision for the prosecution of individual directors.
Dealing with claims of unfair dismissal is in the hands of the Employment Tribunal Service they are empowered to handle in excess of 70 different types of complaint including those of unfair dismissal on the grounds of race, sex, age and disability discrimination, plus complaints in respect of breach of contract and in redundancy issues.
Under an employment tribunal service investigation the company will incur significant cost and indeed it is not possible for directors to face claims for compensation made directly against them.
Should a company director or officer be percieved to have failed in any of their duties, a claim could be made by a wide variety of third parties including:
It's always best if we can advise you in this regard by us asking a few simple questions we can ascertain which type of policy will be best suited to your business. Our extensive experience in this marketplace means that we can advise you which type of policy is suitable for your particular industry, we can go through the process with you and ensure that you can have a policy that is best suited to your business.
CHAS Insurance scour the insurance market to indentify specialist schemes that offer the right cover to our customers. We can offer you Directors and Officers insurance suited to your business type at a price what will often surprise you.
With access to both the Composite Insurance Market and Lloyds of London CHAS scour the marketplace for our customers doing our very best to find you the right Directors Officers liability cover at the right price. With flexible Directors and Officers Liability Insurance cover for every business sector CHAS Insurance can help provide you with comprehensive, cost effective Directors and Officers Liability Insurance whatever your trade or industry.
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