Management Liability

Management Liability

Insures legal liability and cost exposures in connection with your management of your company.

What Liability Your Company is Insured For

Covers your liability for the performance of your duties as a director, officer or trustee.

Cover when you perform a management function to an outside organisation at the instigation of your Company. There is automatic cover when the relevant outside organisation is not-for-profit.

Cover for your performance as a director, officer or trustee in respect of any superannuation scheme your Company operates.

Cover, with our prior written consent, for professional fees incurred in defending yourself in any tax investigation relating to your personal tax affairs.

Cover, with our prior consent, for costs incurred if you receive a notice from a regulatory authority about a possible investigation in respect of a claim covered under the Claims Made Against You In Respect of the Affairs of the Company, Claims Made Against You In Respect of the Affairs of an Outside Entity and Claims Made Against You In Respect of An Employment Superannuation Scheme covers.

Cover for your emergency defence costs in the event it is not reasonably possible for you to obtain our prior written consent before incurring them. This cover is subject to a repayment obligation.

If your personal assets are seized, confiscated or frozen in relation to a claim covered under Claims Made Against You In Respect of the Affairs of the Company, Claims Made Against You In Respect of the Affairs of an Outside Entity and Claims Made Against You In Respect of An Employment Superannuation Scheme covers, we will assist you in covering the expenses of funding schooling, housing, utilities or personal insurance.

Cover, with our prior written consent, for director’s or trustee’s defence costs arising from a loss or inadvertent disclosure of data, breach of privacy or confidentiality caused by a cyber-breach in relation to a claim covered under Claims Made Against You In Respect of the Affairs of the Company, Claims Made Against You In Respect of the Affairs of an Outside Entity, Claims Made Against You In Respect of An Employment Superannuation Scheme, or your Employment Related Claims covers.

Cover, with our prior written consent, for defence costs incurred when you or the Company are required to attend an official investigation, examination, inquiry or other proceedings commissioned by any official body or institution that involves an allegation you breached health and safety laws (including proceedings alleging involuntary manslaughter or gross negligence manslaughter).

Prior to the judgment of any covered loss, we will pay expenses incurred by you in respect of any possible claim.  This cover is subject to a repayment obligation.

The Company is covered for employment related claims including wrongful or unfair termination of employment, wrongful failure to employ or promote or provide a career opportunity, discrimination, harassment, wrongful discipline, failure to provide an accurate reference and employment related misrepresentation.

We will reimburse the Company to the extent that it is liable or entitled to indemnify a director or officer for a claim or which, in the absence of indemnification of the Company, would have been the subject to a valid claim by an individual under Claims Made Against You In Respect of the Affairs of the Company, Claims Made Against You In Respect of the Affairs of an Outside Entity or Claims Made Against You In Respect of An Employment Superannuation Scheme covers.

Cover for Company's liability as trustee in respect of any superannuation scheme it operates.

Cover, with our prior consent, for legal and public relations costs incurred by the Company if a director, officer or trustee dies accidentally or is seriously injured.

Cover, with our prior written consent, for public relations costs when there is a coverable claim under the Company Reimbursement or the Company’s Employment Related Claims covers that results in a significant reputational issue.

We will pay expenses incurred by the Company when a director, officer, trustee or employee is required to attend a Court, arbitration, other formal regulatory professional or administrative proceeding , investigation or inquiry, as a witness for a period over five business days.

Cover, with our prior written consent, for the Company’s defence costs arising from a loss or inadvertent disclosure of data, or breach of privacy or confidentiality caused by a cyber-breach due to a claim covered under the Company Reimbursement, Company’s Employment Related Claims or Claims Made Against the Company in respect of an Employment Superannuation Scheme covers.   There is also cover for a Company’s liability due to the transmission of a computer virus.

Cover for your emergency defence costs in the event it is not reasonably possible for you to obtain our prior written consent before incurring them. This cover is subject to a repayment obligation.

Cover for defence costs incurred by the Company, in respect of any claim under the Claim Made Against You in Respect of the Affairs of the Company, Claims Made Against You In Respect of the Affairs of an Outside Entity, or Claims Made Against You In Respect of an Employment Related Scheme, when there is an actual or alleged breach by the Company of an express oral or written term of a contract.

Cover, with our prior consent, for the costs incurred by the Company to establish that a third party has fraudulently represented themselves as the Company in entering an agreement and the other party to that agreement seeks to enforce it.

Cover, with our prior written consent, for professional fees incurred in defending any tax investigation into the Company’s tax affairs.  

Cover for defence costs incurred by the Company arising from a pollution event (including actual, alleged, or threatened discharge or escape of oil, smoke, asbestos, fumes, nuclear or radioactive materials, chemicals and waste) when there is a claim covered under the Claims Made Against You In Respect of the Affairs of the Company, Claims Made Against You In Respect of the Affairs of an Outside Entity, or Claims Made Against You In Respect of an Employment Superannuation Scheme covers.

Cover, with our prior consent, for loss to the Company due to employee fraud, crime by a third party, electronic and computer crime, and crime related to the destruction, damage or loss of money or negotiable instruments.

Cover, with our prior consent, for legal fees incurred by the Company in the defence of any proceeding brought by third parties as a result of a crime loss.

Cover, with our prior consent, for specialist fees incurred by the Company to investigate, report on or prove a covered or potentially covered crime loss.

Optional extras

These are some of the Optional Benefits you can purchase for even more comprehensive insurance.

There are options to extend the discovery period (the period in which you can notify us about a claim beyond the period of insurance) if this policy is not renewed or an alternative policy is not put in place.  This includes a 30 day complimentary discovery period if there is no merger or acquisition, or, for additional premium, a longer discovery period (either 12 or 24 months).

There is also the option to have the discovery period extended if you retire prior to the period of insurance ending and any merger or acquisition, when the policy is not renewed or replaced.

In the event that there is a merger or acquisition, you may be eligible to take a 12, 24 or 36 month runoff policy for additional premium.

Download policy

Please note this is only a summary of the product and is subject to our specific product documentation. For full details please download the policy wordings using the links below, or you can get a free copy by calling us on 0800 366 466.

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