Directors and Officers Liability Insurance
Our world becomes increasingly litigious. Your company’s officers and board of directors are personally at risk to incur financially crippling lawsuit liability. Directors & Officers liability insurance is for them.
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 could be sued.
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.
Directors & Officers liability insurance would provide defense costs even if the allegations are groundless. Wherever your organization is in BC or Ontario, the insurance coverage can be arranged.
Directors and Officers liability insurance is one for corporations and another for non-profit organizations.
Claims made policy*
Directors & Officers Liability insurance is claims made policy therefore your 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.
You could include coverage for Employment Practice liability, which would provide protection against employees’ lawsuits.
*Subject to the provisions, conditions, definitions, limitations and exclusions as described in the policy wordings.
As a member of the largest independent insurance broker, we can access large and respective insurance market in Canada. We find best coverage with competitive price. Please let us know what your needs are. We can customize your coverage, such as increasing the liability coverage to 5 million dollars. .