Directors and Officers Liability Insurance
Directors and Officers liability insurance is for your company’s officers, board of directors and other conductors. They are personally at risk to incur financially crippling lawsuit liability. Moreover, you need this insurance because our world becomes increasingly litigious.
Cheerful senior business man in an office environment with his colleagues in the background
Additionally, when you become an officer of an organization or a member of board directors, you might commit a wrongful act, or allegedly committed on behalf of the organization, you might become liable for the act and they could sue you for the reason.
Furthermore, as you are responsible for the organization, you could be liable for the wrongful act. You would like to avoid any financial loss caused by lawsuits. The coverage protects your personal assets from the incidents.
Coverage of the insurance
Directors and Officers liability insurance would provide defence costs even if the allegations are groundless. Additionally, wherever your organization is in BC, Alberta or Ontario, we try our best to secure the coverage.
Directors and Officers liability insurance is must for corporations and non-profit organizations.
Please watch the video above for private corporations and the below is for non-profit organizations (NPO). Additionally, there are reasons to protect directors and officers of corporations and non-profit organization from law suits.
Directors and Officers Insurance for Non-Profit organizations
Claims made policy*
Directors and Officers Liability Insurance is claims made policy. Therefore, you need to maintain coverage even after you have completed your term of service as a director or an officer, or even after you retired.
Claims made policy means that a claim should be made during the policy period unless the claim report period is extended for specific term after its expiration. In this sense, this looks professional liability insurance.
Additional Protection*
Additionally, you can include coverage for Employment Practice Liability(EPL), which would provide protection against employees’ lawsuits.
*Subject to the provisions, conditions, definitions, limitations and exclusions as described in the policy wordings.
Insurance Broking
Finally, we can access large and respective Directors and Officers liability insurance markets. We find best coverage with competitive price. Please let us know what your needs are. Furthermore, we can customize your coverage, such as increasing the liability coverage to 5 million dollars. .