INTERNATIONAL INSURANCE SERVICES AND RISK MANAGEMENT

Size: px
Start display at page:

Download "INTERNATIONAL INSURANCE SERVICES AND RISK MANAGEMENT"

Transcription

1 INTERNATIONAL INSURANCE SERVICES AND RISK MANAGEMENT Directors & Officers Liability D&O Insurance Service is our passion

2 CONTENTS Legal framework of statutory and supervisory board members liability in the Czech Republic Directors & Officers Liability Insurance - D&O D&O claims examples

3 LEGISLATION 2014 Act. No. 89/2012 Sb., Civil Code 159 board members have to act with requisite duty of skill and care Act. No. 90/2012 Sb., Business Corporation Act establishes duties for members of statutory and supervisory bodies in the performance of their functions other valid legislation New responsibility for accepting a board member s role the possibility of negligent conduct New liability for obligations of the company - if a statutory body member will not reimburse the loss caused to the company by their wrongful act in the performance of their duties, then they are automatically liable towards the creditors for the company s debts New liability for the companys obligations in the event of bankruptcy

4 CHARACTERISTIC OF LIABILITY Basic obligations of board members: Act with proper care duty of care To act carefully and with necessary knowledge when making business decisions and in good faith where, it is reasonable to assume, that such actions are carried out in a informed manner and are in the defensible interests of the company; this does not apply if such a decision was not made with the requisite loyalty. Company management, discretion, conflict of interest Unlimited, Objective, Joint

5 MAJOR FEATURES OF LIABILITY The liability of the statutory bodies is: Unlimited: unlimited personal liability up to the full amount of loss Objective: members of statutory bodies are liable regardless of fault, liability for results members must prove they acted with proper care (reverse burden of proof ) Joint: statutory body members are jointly and severally liable Eliminating liability how to provide protection : Instructions of the General Assembly Report from the meeting of the Board of Directors D&O Insurance

6 WHO ARE THE POTENTIAL CLAIMANTS? AREAS OF PPOTENTIAL LOSS / CLAIMS Direct: The company itself represented by the Supervisory Body Shareholders /owners Management of the company Insured vs. Insured Creditors (only in accordance with The Insolvency Act) Indirect: Third parties investors, creditors, employees, competitors Government regulatory body Claims - Conclusion of agreements business decisions - Wrongful termination of employment contracts - Insolvency proceedings - Changes in company structure - mergers, acquisitions, split-ups - Bad investment decisions, low investment returns, investment outside guidelines NOT ACTING with duty of care

7 D&O Insurance

8 WHAT IS COVERED BY D&O INSURANCE? The insurance covers the liability for financial loss occurring in connection with the duties of members of the statutory or supervisory body of the company wrongful acts It applies to losses not covered by general liability, PI or other types of insurance Cover is provided for: - actual financial loss determined in a judgment or out-of-court settlement - legal defense costs and a range of other related costs (the costs to defend the litigation can be significant)

9 STRUCTURE OF THE INSURANCE Policyholder = company Company = policyholder + subsidiary / fund Insured person = board member, employee. Insurance ABC, all risks cover Deductible = 0 for insured person, company reimbursement Territorial scope of cover = worldwide, excl. USA/Canada Insurance cover for holding companies Often part of the comprehensive insurance product for PE/VC firm D&O + PI + Crime D&O insurance requirements for portfolio companies should be set

10 WHO IS (MIGHT BE) COVERED BY D&O INSURANCE? Board members means an individual who was, is or will be a member of the statutory or supervisory body of the company Employee of the company in a managerial role Heirs and estates In - the company of the policyholder - a daughter company - a sister company (must be individual agreed ) - an outside entity (portfolio company) ODL cover Company (indirectly) - easier access to indemnification

11 TIME LIMITS OF D&O INSURANCE, EXCLUSIONS Claims made basis Insurance period standard 1 year Retroactive cover unlimited Extended period for discovery and reporting of a claim (Discovery Clause) up-to 12 months automatic + longer period for an additional premium Run-off cover after transaction Major exclusions Intentional dishonest or fraudulent behavior, criminal acts Unfair advantage (benefits) of an insured person Prior and pending litigation/claims Professional liability Bodily injury and property damage USA / Canada claims

12 D&O claims examples

13 D&O CLAIMS EXAMPLES A joint-stock company doing business in information technology took over a smaller company doing business in a similar industry in order to expand the services it can offer. After the takeover, the joint-stock company undertook an in-depth audit of the accounting of the company that it had taken over and concluded that the purchase price it had paid exceeded the value of the acquired entity substantially. It then immediately filed a law suit against the owners of the company and the statutory body of the company for providing false information and for the fact that the member s of the statutory body had failed to act with due managerial care. D&O insurance has so far covered the expenses related to the legal defence of the accused members of the bodies of the company. A company lodged a claim for damages against the members of its board of directors for damage incurred as a consequence of a penalty imposed by the Office for the Protection of Competition for a breach of the Public Procurement Act. The insurer paid the costs of the legal defence of the statutory body members. The claim was settled out of court with the insurer s consent.

14 D&O CLAIMS EXAMPLES A trustee in bankruptcy initiated legal proceedings against the members of the statutory body of the parent company on the grounds that they failed to examine the financial situation of the parent company sufficiently and made strategic errors in restructuring the entire group. Because of poor management, the company became insolvent and entered into bankruptcy. To date, the costs of the legal representation of the members of the statutory body of the parent company have been covered by the insurance, and negotiations on partial settlement of the debt owing to creditors are currently underway. At the general meeting of a North Bohemian textile company, the new board of directors accused the former management of being responsible for the company s current economic problems. The former management had allegedly pledged real estate with a market value of CZK 40 million to the bank as collateral for a loan of CZK 4.5 million although the book value of the property was CZK 5 million. As the loan was not duly paid off, the bank exercised the lien, and the company allegedly incurred damage thereby.

15 WE LOOK FORWARD TO OUR COOPERATION RENOMIA

Management liability - Employment practices liability Policy wording

Management liability - Employment practices liability Policy wording Special definitions for this section Benefits Claim Defence costs The General terms and conditions and the following terms and conditions all apply to this section. Any compensation awarded to an employee

More information

Sport & Social Clubs and Not For Profit Organisations Directors & Officers Liability Select

Sport & Social Clubs and Not For Profit Organisations Directors & Officers Liability Select Allianz Insurance plc Sport & Social Clubs and Not For Profit Organisations Directors & Officers Liability Select Policy Overview Product Name/Subject Line Professional Indemnity Policy Overview Contents

More information

DIRECTORS & OFFICERS LIABILITY INSURANCE

DIRECTORS & OFFICERS LIABILITY INSURANCE DIRECTORS & OFFICERS LIABILITY INSURANCE WHAT D&O INSURANCE DOES: Protects the personal assets of a company s directors and officers from potential unlimited liability; Protects the company s assets; Provides

More information

INSURANCE INDUSTRY PROFESSIONAL LIABILITY COVERAGE UNIT THIS IS A CLAIMS MADE POLICY. PLEASE READ CAREFULLY.

INSURANCE INDUSTRY PROFESSIONAL LIABILITY COVERAGE UNIT THIS IS A CLAIMS MADE POLICY. PLEASE READ CAREFULLY. INSURANCE INDUSTRY PROFESSIONAL LIABILITY COVERAGE UNIT THIS IS A CLAIMS MADE POLICY. PLEASE READ CAREFULLY. I. INSURING AGREEMENTS A. INSURANCE OPERATIONS COVERAGE. We will pay on behalf of the insured

More information

COMMERCIAL PROFESSIONAL LIABILITY COVERAGE FORM

COMMERCIAL PROFESSIONAL LIABILITY COVERAGE FORM COMMERCIAL PROFESSIONAL LIABILITY COVERAGE FORM Various provisions in this policy restrict coverage. Read the entire policy carefully to determine rights, duties and what is and is not covered. Throughout

More information

D recto t r o s & & Of O f f i f cers Li L abi b lity y Ins n ur u anc n e

D recto t r o s & & Of O f f i f cers Li L abi b lity y Ins n ur u anc n e Directors & Officers Liability Insurance CA Divya Gandhi FII Investments in India this year has reached close to $9-billion. CLB Asks Ankur Drugs to Repay Depositors, failing to prosecute the directors

More information

ELITE - Directors and Officers Liability Insurance Terms and Conditions

ELITE - Directors and Officers Liability Insurance Terms and Conditions ELITE - Directors and Officers Liability Insurance Terms and Conditions ACE European Group Ltd, branch office IBC, Pobřežní 620/3 186 00 Praha 8 ID 27893723 Registered in the Municipal Court in Prague,

More information

DIRECTORS & OFFICERS LIABILITY

DIRECTORS & OFFICERS LIABILITY DIRECTORS & OFFICERS LIABILITY PROTECT YOUR ASSETS AND YOUR HOME THE NEW AGE OF LIABILITY The dawning of a new millennium witnessed a new era for company directors and officers with regulatory controls

More information

EMPLOYEE BENEFITS LIABILITY COVERAGE FORM

EMPLOYEE BENEFITS LIABILITY COVERAGE FORM EMPLOYEE BENEFITS LIABILITY COVERAGE FORM THIS FORM PROVIDES CLAIMS MADE COVERAGE. PLEASE READ THE ENTIRE FORM CAREFULLY. Various provisions in this policy restrict coverage. Read the entire policy carefully

More information

Directors & Officers Liability Insurance. Presented by Caroline Yeo

Directors & Officers Liability Insurance. Presented by Caroline Yeo Directors & Officers Liability Insurance Presented by Caroline Yeo The Structure of D&O Insurance Covered claim against directors and officers Covered securities claim against the company itself Indemnification?

More information

TWIN CITY FIRE INSURANCE COMPANY Name of Insurance Company to which Application is made NEW YORK ACCOUNTANTS PROFESSIONAL LIABILITY APPLICATION

TWIN CITY FIRE INSURANCE COMPANY Name of Insurance Company to which Application is made NEW YORK ACCOUNTANTS PROFESSIONAL LIABILITY APPLICATION TWIN CITY FIRE INSURANCE COMPANY Name of Insurance Company to which Application is made NEW YORK ACCOUNTANTS PROFESSIONAL LIABILITY APPLICATION NOTICE: THIS IS A CLAIMS-MADE POLICY. THE COVERAGE OF THIS

More information

Professional Indemnity & Infidelity Insurance For Stock Brokers, Investment Consultants, Underwriters, Portfolio or Fund Managers

Professional Indemnity & Infidelity Insurance For Stock Brokers, Investment Consultants, Underwriters, Portfolio or Fund Managers Professional Indemnity & Infidelity Insurance For Stock Brokers, Investment Consultants, Underwriters, Portfolio or Fund Managers Whereas the Insured as herein defined has submitted a written proposal,

More information

FINANCIAL LINES & VENTURE CAPITAL INSURANCE FAQS

FINANCIAL LINES & VENTURE CAPITAL INSURANCE FAQS FINANCIAL LINES ACE elite PRIVATE EQUITY & VENTURE CAPITAL INSURANCE FAQS 1 The new elite wording is a package policy comprising: Directors & Officers Liability Insurance (D&O) Outside Directors Liability

More information

BEAZLEY ARMOUR SIDE A DIRECTORS AND OFFICERS LIABILITY INSURANCE POLICY

BEAZLEY ARMOUR SIDE A DIRECTORS AND OFFICERS LIABILITY INSURANCE POLICY BEAZLEY ARMOUR SIDE A DIRECTORS AND OFFICERS LIABILITY INSURANCE POLICY In consideration of the payment of the premium, in reliance on all statements made in the application and subject to all of the provisions

More information

Residents Associations Directors & Officers Liability Select. Policy Overview

Residents Associations Directors & Officers Liability Select. Policy Overview Allianz Insurance plc Residents Associations Directors & Officers Liability Select Policy Overview Product Name/Subject Line Professional Indemnity Policy Overview Contents Introduction 1 Significant Features

More information

How To Protect A Company From Liability

How To Protect A Company From Liability DIRECTORS & OFFICERS ESSENTIAL BUSINESS INSURANCE COVER POLICY RISK FACT introducing FirstUnited FirstUnited is a leading insurance intermediary group operating in Malta and under Freedom of Services throughout

More information

APPLICATION FOR ACCOUNTANTS PROFESSIONAL LIABILITY INSURANCE

APPLICATION FOR ACCOUNTANTS PROFESSIONAL LIABILITY INSURANCE Executive Risk Indemnity Inc. Home Office Wilmington, Delaware 19805-1297 Administrative Offices/Mailing Address: 82 Hopmeadow Street Simsbury, Connecticut 06070-7683 APPLICATION FOR ACCOUNTANTS PROFESSIONAL

More information

D&O Liability Insurance: Persistent Problems & Simple Solutions

D&O Liability Insurance: Persistent Problems & Simple Solutions D&O Liability Insurance: Persistent Problems & Simple Solutions Scott C. Hecht Stinson Morrison Hecker LLP presented to Association of Corporate Counsel Mid-America Chapter Thursday, January 13, 2011 D&O

More information

Management Liability Insurance Policy. Professional and financial risk solutions

Management Liability Insurance Policy. Professional and financial risk solutions Management Liability Insurance Policy Professional and financial risk solutions Management Liability Insurance Policy Policy wording 1 1. Insuring clauses 1 Insuring Clause 1: Directors and officers liability

More information

T R U S T E E S L I A B I L I T Y

T R U S T E E S L I A B I L I T Y TRUSTEES LIABILITY PROTECT YOUR ASSETS AND YOUR HOME TRUSTEES' EXPOSURE There are many types of non-charitable trust heritage, family, trading, Maori, rest homes, hospitals, education services and the

More information

NEW MEXICO SELF-INSURERS' FUND WORKERS' COMPENSATION AND EMPLOYERS' LIABILITY PLAN

NEW MEXICO SELF-INSURERS' FUND WORKERS' COMPENSATION AND EMPLOYERS' LIABILITY PLAN NEW MEXICO SELF-INSURERS' FUND WORKERS' COMPENSATION AND EMPLOYERS' LIABILITY PLAN In return for the payment of the premium and subject to all terms of this Policy, we agree with you as follows. GENERAL

More information

How To Pay Out Of Pocket

How To Pay Out Of Pocket The General terms and conditions and the following terms and conditions all apply to this section. Special definitions for this section Bail costs Claim Crisis containment costs Defence costs Employee

More information

Liability Insurance (D&O) Presented by Caroline Yeo

Liability Insurance (D&O) Presented by Caroline Yeo Directors Beyond Insurance & Officers Liability Insurance (D&O) Presented by Caroline Yeo The Structure of D&O Insurance Covered claim against directors and officers Covered securities claim against the

More information

SPECIMEN. (1) a written demand for monetary damages or non-monetary relief;

SPECIMEN. (1) a written demand for monetary damages or non-monetary relief; In consideration of payment of the premium and subject to the Declarations, General Terms and Conditions, limitations, conditions, provisions and other terms of this Policy, the Company and the Insureds

More information

Management liability - Directors and officers liability Policy wording

Management liability - Directors and officers liability Policy wording Special definitions for this section Bail costs Claim Defence costs The General terms and conditions and the following terms and conditions all apply to this section. Costs incurred with our prior written

More information

CORNERSTONE A-SIDE MANAGEMENT LIABILITY INSURANCE COVERAGE FORM

CORNERSTONE A-SIDE MANAGEMENT LIABILITY INSURANCE COVERAGE FORM CORNERSTONE A-SIDE MANAGEMENT LIABILITY INSURANCE COVERAGE FORM THIS IS A CLAIMS MADE POLICY WITH DEFENSE EXPENSES INCLUDED IN THE LIMIT OF LIABILITY. PLEASE READ AND REVIEW THE POLICY CAREFULLY. In consideration

More information

Professional Indemnity Select

Professional Indemnity Select Allianz Insurance plc Professional Indemnity Select Cover Overview Professional Indemnity Select Cover Overview Contents Thank you for choosing Allianz Insurance plc. We are one of the largest general

More information

Professional Indemnity Select

Professional Indemnity Select Allianz Insurance plc Professional Indemnity Select Policy Overview Policy Overview Professional Indemnity Select Contents Thank you for choosing Allianz Insurance plc. We are one of the largest general

More information

THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY PRINTERS ERRORS AND OMISSIONS LIABILITY COVERAGE

THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY PRINTERS ERRORS AND OMISSIONS LIABILITY COVERAGE THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY PRINTERS ERRORS AND OMISSIONS LIABILITY COVERAGE This endorsement modifies insurance provided under the following: BUSINESSOWNERS LIABILITY

More information

Medical Malpractice Insurance Policy

Medical Malpractice Insurance Policy Medical Malpractice Insurance Policy You only have cover under this policy if the schedule lists it as included. This policy should be read in conjunction with the schedule. Contents 1 Definitions... 2

More information

DIRECTORS AND OFFICERS LIABILITY INSURANCE FOR RESIDENTS ASSOCIATIONS AND CLUBS

DIRECTORS AND OFFICERS LIABILITY INSURANCE FOR RESIDENTS ASSOCIATIONS AND CLUBS PLEASE READ THIS POLICY (AND THE SCHEDULE WHICH FORMS AN INTEGRAL PART OF THE POLICY) TO ENSURE THAT IT MEETS YOUR REQUIREMENTS DIRECTORS AND OFFICERS LIABILITY INSURANCE FOR RESIDENTS ASSOCIATIONS AND

More information

Specialists at minimising risk exposure. Management Liability Insurance Policy Overview & Benefits

Specialists at minimising risk exposure. Management Liability Insurance Policy Overview & Benefits Specialists at minimising risk exposure Management Liability Insurance Policy Overview & Benefits Management Liability Insurance Policy Overview & Key Benefits Policy Overview It s possible your clients

More information

ICSA Guidance on Protection against Directors and Officers Liabilities Indemnities and Insurance

ICSA Guidance on Protection against Directors and Officers Liabilities Indemnities and Insurance ICSA Guidance on Protection against Directors and Officers Liabilities Indemnities and Insurance Contents If using online, click on the headings below to go to the related sections. 1. Introduction 2.

More information

What are the main liability policies you should consider for your commercial business?

What are the main liability policies you should consider for your commercial business? A PUBLICATION BY: GODFREY MORROW GODFREY INSURANCE MORROW AND INSURANCE FINANCIAL AND SERVICES FINANCIAL LTD. SERVICES LTD. 2012 What are the main liability policies you should consider for your commercial

More information

How To Get A Pension In The Uk

How To Get A Pension In The Uk Table of Contents Introduction... 1 Page Definitions... 1 Act of Terrorism... 1 Claim... 1 Documents... 1 Excess... 1 Inquiring Body... 1 Inquiry Costs... 1 Insured... 2 Insured Costs... 2 Insurer... 2

More information

SINGAPORE NATIONAL CO-OPERATIVE FEDERATION. Presentation on Managerial and Professional exposures

SINGAPORE NATIONAL CO-OPERATIVE FEDERATION. Presentation on Managerial and Professional exposures SINGAPORE NATIONAL CO-OPERATIVE FEDERATION Presentation on Managerial and Professional exposures 2 Important Notice Full details of the terms, clauses, conditions, limitations and exclusions of the various

More information

RESIDENTIAL LIMITED COVERAGE MORTGAGE MODIFICATION POLICY Issued By WFG NATIONAL TITLE INSURANCE COMPANY

RESIDENTIAL LIMITED COVERAGE MORTGAGE MODIFICATION POLICY Issued By WFG NATIONAL TITLE INSURANCE COMPANY RESIDENTIAL LIMITED COVERAGE MORTGAGE MODIFICATION POLICY Issued By WFG NATIONAL TITLE INSURANCE COMPANY Any notice of claim and any other notice or statement in writing required to be given to the Company

More information

DIRECTORS AND OFFICERS LIABILITY INSURANCE INCLUDING CORPORATE INDEMNITY POLICY APPLICATION PROFIT CORPORATIONS

DIRECTORS AND OFFICERS LIABILITY INSURANCE INCLUDING CORPORATE INDEMNITY POLICY APPLICATION PROFIT CORPORATIONS DIRECTORS AND OFFICERS LIABILITY INSURANCE INCLUDING CORPORATE INDEMNITY POLICY APPLICATION PROFIT CORPORATIONS THIS IS AN APPLICATION FOR A CLAIMS MADE POLICY WITH DEFENCE COSTS INCLUDED IN THE LIMIT

More information

Group Professional Liability Insurance Plan for Chartered Accountants of Québec

Group Professional Liability Insurance Plan for Chartered Accountants of Québec Group Professional Liability Insurance Plan for Chartered Accountants of Québec THIS POLICY PROVIDES CLAIMS MADE AND REPORTED COVERAGE. THE POLICY APPLIES ONLY TO CLAIMS FIRST MADE AGAINST THE INSURED

More information

Professional Indemnity Insurance Specialist Supplier Presentation

Professional Indemnity Insurance Specialist Supplier Presentation Bespoke Ready-Mix insurance Professional Indemnity Insurance Specialist Supplier Presentation EXCLUSIVE FOR MEMBERS OF THE SOUTHERN AFRICAN READY MIX ASSOCIATION ("SARMA") So what is a Professional Indemnity

More information

Policy Wording. Directors and Officers Liability and Company Reimbursement. Issued to Eligible Emergency Resource Providers by VMIA

Policy Wording. Directors and Officers Liability and Company Reimbursement. Issued to Eligible Emergency Resource Providers by VMIA Policy Wording Directors and Officers Liability and Company Reimbursement Issued to Eligible Emergency Resource Providers by VMIA For the period date 30 June 2014 to 30 June 2015 Contents Directors and

More information

PROFESSIONAL INDEMNITY INSURANCE

PROFESSIONAL INDEMNITY INSURANCE ESSENTIAL BUSINESS INSURANCE COVER POLICY RISK FACT introducing FirstUnited FirstUnited is a leading insurance intermediary group operating in Malta and under Freedom of Services throughout the EU. We

More information

SPECIMEN. (1) advising, counseling or giving notice to employees, participants or beneficiaries with respect to any Plan;

SPECIMEN. (1) advising, counseling or giving notice to employees, participants or beneficiaries with respect to any Plan; In consideration of payment of the premium and subject to the Declarations, limitations, conditions, provisions and other terms of this Policy, the Company and the Insureds agree as follows: I. INSURING

More information

S$30,000,001 to S$50,000,000. Premium Payable plus GST =

S$30,000,001 to S$50,000,000. Premium Payable plus GST = Zuellig Insurance Singapore SNCF Management Liability Insurance Program by Zuellig Insurance Brokers and American Home Assurance, Singapore Branch. Management Liability Insurance Application Form (for

More information

Fiduciary Liability Policy

Fiduciary Liability Policy Fiduciary Liability Policy Declarations Insurance is provided by the following Company: Zurich American Insurance Company Policy Number: Item 1. Parent Company and address: Item 2. Limits of Liability:

More information

MISCELLANEOUS PROFESSIONAL LIABILITY INSURANCE COVERAGE FORM

MISCELLANEOUS PROFESSIONAL LIABILITY INSURANCE COVERAGE FORM MISCELLANEOUS PROFESSIONAL LIABILITY INSURANCE COVERAGE FORM THIS IS A CLAIMS MADE POLICY WITH DEFENSE EXPENSES INCLUDED IN THE LIMIT OF LIABILITY. PLEASE READ AND REVIEW THE POLICY CAREFULLY. In consideration

More information

Directors and Officers Liability Insurance in Bankruptcy Settings What Directors and Officers Really Need to Know

Directors and Officers Liability Insurance in Bankruptcy Settings What Directors and Officers Really Need to Know Directors and Officers Liability Insurance in Bankruptcy Settings What Directors and Officers Really Need to Know April 30, 2010 By Paul A. Ferrillo While director and officer ( D&O ) liability insurance

More information

elite Residents Association Individual Liability Insurance Policy

elite Residents Association Individual Liability Insurance Policy elite Residents Association Individual Liability Insurance Policy Elite RAIL_1 ix.05 Elite RAIL_1 ix.05 INDEX Contents Page 1. Insuring Agreement 1 2. Definitions 2-5 3. Exclusions 6-7 4. Conditions 4.1

More information

PRIORITY. Professional Indemnity Insurance Contract

PRIORITY. Professional Indemnity Insurance Contract PRIORITY Professional Indemnity Insurance Contract Between AC&E PI and Liability Underwriters (Pty) Ltd acting as underwriting managers on behalf of the New National Assurance Company Ltd and hereafter

More information

Group Professional Liability Insurance Plan for Chartered Professional Accountants of

Group Professional Liability Insurance Plan for Chartered Professional Accountants of ACPAI Insurance Group Professional Liability Insurance Plan for Chartered Professional Accountants of Québec THIS POLICY PROVIDES CLAIMS RECEIVED AND REPORTED COVERAGE. THE POLICY APPLIES ONLY TO CLAIMS

More information

D irectors & O fficers Liability Insurance

D irectors & O fficers Liability Insurance Proposal for D irectors & O fficers Liability Insurance PROFESSIONAL RISKS 2nd Floor John Stow House 18 Bevis Marks London EC3A 7JB Tel: +44 (0) 20 7623 4957 Fax: +44 (0) 20 7623 4958-1- PROFESSIONAL RISKS

More information

Cyber-Technology Policy Comparisons

Cyber-Technology Policy Comparisons Cyber-Technology Policy Comparisons ABA Insurance Internet/Electronic Banking Liability Insurance Policy (04/01) January, 2011 Endorsements Topic ACE Computer & Technology Products and Services Professional

More information

MASSACHUSETTS CUSTOMIZED PRACTICE COVERAGE TITLE INSURANCE AGENT LIABILITY COVERAGE UNIT

MASSACHUSETTS CUSTOMIZED PRACTICE COVERAGE TITLE INSURANCE AGENT LIABILITY COVERAGE UNIT (hereinafter called "the Company") MASSACHUSETTS CUSTOMIZED PRACTICE COVERAGE TITLE INSURANCE AGENT LIABILITY COVERAGE UNIT In consideration of the payment of the premium, in reliance upon the statements

More information

Financial Markets. Directors & Officers Liability Insurance. Glenrand M I B is a Licensed Financial Services Provider

Financial Markets. Directors & Officers Liability Insurance. Glenrand M I B is a Licensed Financial Services Provider Financial Markets Directors & Officers Liability Insurance Glenrand M I B is a Licensed Financial Services Provider Contents Introduction 3 What Would Constitute a Claim? 3 Common allegations against D&Os

More information

ALTERNATIVE BUSINESS ENTITIES: LIABILITY AND INSURANCE ISSUES. Prepared by Dan A. Bailey

ALTERNATIVE BUSINESS ENTITIES: LIABILITY AND INSURANCE ISSUES. Prepared by Dan A. Bailey BAILEY CAVALIERI LLC ATTORNEYS AT LAW One Columbus 10 West Broad Street, Suite 2100 Columbus, Ohio 43215-3422 telephone 614.221.3155 facsimile 614.221.0479 www.baileycavalieri.com ALTERNATIVE BUSINESS

More information

Introduction to Directors and Offi cers Liability Insurance

Introduction to Directors and Offi cers Liability Insurance CHAPTER 1 Martin J. O Leary Introduction to Directors and Offi cers Liability Insurance The following is a brief, general overview of coverage afforded under the Directors and Officers Liability Insurance

More information

Management Liability Portfolio

Management Liability Portfolio Management Liability Portfolio Our promise to you In return for the premium you have paid, we agree to insure you in accordance with the terms and conditions of the policy. Signed for and on behalf of

More information

Real Estate Errors & Omissions Indemnity Plan

Real Estate Errors & Omissions Indemnity Plan B R I T I S H C O L U M B I A Real Estate Errors & Omissions Indemnity Plan No. RE0398 Issued by Real Estate Errors and Omissions Insurance Corporation (Herein called the Corporation ) Pursuant to the

More information

In an ever changing business and social environment it has become increasingly

In an ever changing business and social environment it has become increasingly DIRECTORS AND OFFICERS INSURANCE ISSUES By: National Business Institute June 20, 2008 Howard L. Lieber FISHER KANARIS, P.C. 200 South Wacker Drive 22nd Floor Chicago, Illinois 60606 312/474-1400 In an

More information

NON-PROFIT MANAGEMENT AND CORPORATE LIABILITY INSURANCE POLICY EQUINE D&O PROGRAM NEW BUSINESS APPLICATION

NON-PROFIT MANAGEMENT AND CORPORATE LIABILITY INSURANCE POLICY EQUINE D&O PROGRAM NEW BUSINESS APPLICATION NON-PROFIT MNGEMENT ND CORPORTE LIBILITY INSURNCE POLICY EUINE D&O PROGRM NEW BUSINESS PPLICTION THIS IS N PPLICTION FOR CLIMS MDE POLICY WITH DEFENCE COSTS INCLUDED IN THE LIMIT OF LIBILITY. LL UESTIONS

More information

CLASSIC A-SIDE MANAGEMENT LIABILITY INSURANCE COVERAGE FORM

CLASSIC A-SIDE MANAGEMENT LIABILITY INSURANCE COVERAGE FORM CLASSIC A-SIDE MANAGEMENT LIABILITY INSURANCE COVERAGE FORM THIS IS A CLAIMS MADE POLICY WITH DEFENSE EXPENSES INCLUDED IN THE LIMIT OF LIABILITY. PLEASE READ AND REVIEW THE POLICY CAREFULLY. In consideration

More information

For further information or any questions concerning the Hockey Canada D&O program please contact: Hockey Canada (613) 562-5677 (514) 843-3632

For further information or any questions concerning the Hockey Canada D&O program please contact: Hockey Canada (613) 562-5677 (514) 843-3632 DIRECTORS & OFFICERS LIABILITY INSURANCE ERRORS & OMISSIONS LIABILITY INSURANCE FOR HOCKEY CANADA EFFECTIVE DATE: July 1, 2005 SUMMARY OF COVERAGES The Hockey Canada D&O/Errors and Omissions Liability

More information

Protect. TU Allianz Polska S.A. GENERAL TERMS AND CONDITIONS OF PROSPECTUS LIABILITY INSURANCE

Protect. TU Allianz Polska S.A. GENERAL TERMS AND CONDITIONS OF PROSPECTUS LIABILITY INSURANCE Contents: page 1. General. 2 2. Scope of cover 2 3. Additional coverage.. 3 4. Damages.. 3 5. Exclusions 4 6. Other insurance 5 7. Territorial scope of cover 5 8. Deductible.. 5 9. Series of claims clause.

More information

GUIDE TO PROFESSIONAL LIABILITY INSURANCE HRPA OFFICE OF THE REGISTRAR

GUIDE TO PROFESSIONAL LIABILITY INSURANCE HRPA OFFICE OF THE REGISTRAR GUIDE TO PROFESSIONAL LIABILITY INSURANCE HRPA OFFICE OF THE REGISTRAR Guide to Professional Liability Insurance TABLE OF CONTENTS Page What is professional liability insurance? 2 What is the professional

More information

INSOLVENCY AND AVAILABLE OPTIONS

INSOLVENCY AND AVAILABLE OPTIONS INSOLVENCY AND AVAILABLE OPTIONS Corporations Act 2001 - Section 95A 95A Solvency and insolvency (1) A person is solvent if, and only if, the person is able to pay all the person's debts as and when they

More information

Cyber and data Policy wording

Cyber and data Policy wording Please read the schedule to see whether Breach costs, Cyber business interruption, Hacker damage, Cyber extortion, Privacy protection or Media liability are covered by this section. The General terms and

More information

Directors & Officers Liability Select

Directors & Officers Liability Select Allianz Insurance plc Directors & Officers Liability Select Policy Overview Product Name/Subject Line Professional Indemnity Policy Overview Contents Introduction 1 Significant Features and Benefits 2

More information

Newsletter No. 194 (EN) Directors and Officers (D&O) Liability Insurance in Hong Kong

Newsletter No. 194 (EN) Directors and Officers (D&O) Liability Insurance in Hong Kong Newsletter No. 194 (EN) Directors and Officers (D&O) Liability Insurance in Hong Kong December 2015 All r ig ht s r e ser ved Lo r e nz & P art ner s 2015 Although Lorenz & Partners always pays great attention

More information

PUBLIC ENTITY RISK MANAGEMENT AUTHORITY MEMORANDUM OF WORKERS COMPENSATION AND EMPLOYERS LIABILITY COVERAGE

PUBLIC ENTITY RISK MANAGEMENT AUTHORITY MEMORANDUM OF WORKERS COMPENSATION AND EMPLOYERS LIABILITY COVERAGE PUBLIC ENTITY RISK MANAGEMENT AUTHORITY MEMORANDUM OF WORKERS COMPENSATION AND EMPLOYERS LIABILITY COVERAGE FOR THE PERIOD JULY 1, 2015 TO JUNE 30, 2016 EFFECTIVE: JULY 1, 2015 PUBLIC ENTITY RISK MANAGEMENT

More information

CGU Professional Risks Professional Indemnity Insurance

CGU Professional Risks Professional Indemnity Insurance CGU Professional Risks Professional Indemnity Insurance Summary of significant changes: Professional Indemnity Insurance Policy (CGU PI 12-12) Replacing: Professional Indemnity Insurance Policy (CGU PI

More information

Carriers support the independent life brokerage agency system. As stated by one major Carrier in its promotional materials for consumers:

Carriers support the independent life brokerage agency system. As stated by one major Carrier in its promotional materials for consumers: CONTRACTS FOR THE INDEPENDENT LIFE BROKERAGE AGENCY By Steven John Fellman, GKG Law Washington, D.C. General Counsel, National Association of Independent Life Brokerage Agencies III. Chapter III: RESPONSIBILITY

More information

ARCHITECTS AND ENGINEERS PROFESSIONAL LIABILITY INSURANCE POLICY

ARCHITECTS AND ENGINEERS PROFESSIONAL LIABILITY INSURANCE POLICY ARCHITECTS AND ENGINEERS PROFESSIONAL LIABILITY INSURANCE POLICY THIS IS A CLAIMS-MADE AND REPORTED POLICY. VARIOUS PROVISIONS IN THIS POLICY RESTRICT COVERAGE. THIS POLICY CONTAINS IMPORTANT EXCLUSIONS

More information

CGU PROFESSIONAL RISKS

CGU PROFESSIONAL RISKS CGU PROFESSIONAL RISKS BUSINESS PROTECTION MANAGEMENT LIABILITY INSURANCE Summary of significant changes Business Insurance Policy (CGU BPML 11-15) Replacing Lumley Policy Policy General Definitions Authority

More information

ARCHITECTS AND ENGINEERS PROFESSIONAL LIABILITY INSURANCE By Bruce H. Schoumacher

ARCHITECTS AND ENGINEERS PROFESSIONAL LIABILITY INSURANCE By Bruce H. Schoumacher Querrey Harrow When Results Count. SM www.querrey.com Copyright 2005 Querrey & Harrow, Ltd. All Rights Reserved. ARCHITECTS AND ENGINEERS PROFESSIONAL LIABILITY INSURANCE By Bruce H. Schoumacher Architects

More information

Guide to Professional Liability Insurance HRPA OFFICE OF THE REGISTRAR

Guide to Professional Liability Insurance HRPA OFFICE OF THE REGISTRAR 2012 Guide to Professional Liability Insurance HRPA OFFICE OF THE REGISTRAR Guide to Professional Liability Insurance TABLE OF CONTENTS Page What is professional liability insurance? 2 What is the professional

More information

PUBLIC ENTITY POLICY LAW ENFORCEMENT LIABILITY COVERAGE FORM OCCURRENCE COVERAGE

PUBLIC ENTITY POLICY LAW ENFORCEMENT LIABILITY COVERAGE FORM OCCURRENCE COVERAGE A Stock Insurance Company, herein called the Company PUBLIC ENTITY POLICY LAW ENFORCEMENT LIABILITY COVERAGE FORM OCCURRENCE COVERAGE Various provisions in this policy restrict coverage. Please read the

More information

RENEWAL APPLICATION FOR ACCOUNTANTS PROFESSIONAL LIABILITY INSURANCE

RENEWAL APPLICATION FOR ACCOUNTANTS PROFESSIONAL LIABILITY INSURANCE Executive Risk Indemnity Home Office Wilmington, Delaware 19808 Administrative Offices/Mailing 82 Hopmeadow Simsbury, Connecticut RENEWAL APPLICATION FOR ACCOUNTANTS PROFESSIONAL LIABILITY INSURANCE NOTICE:

More information

CALIFORNIA Strict Indemnity Language. CALIFORNIA Intermediate Indemnity Language

CALIFORNIA Strict Indemnity Language. CALIFORNIA Intermediate Indemnity Language CALIFORNIA Strict Indemnity Language Contractor (Indemnitor) shall indemnify, defend, and hold harmless Authority, its officers, officials, employees, and volunteers from and against any and all liability,

More information

Complete Professional Indemnity

Complete Professional Indemnity Allianz Insurance plc Complete Professional Indemnity Policy Details (including Policy Summary pages 1 4) Accountants Policy Summary This is a Policy Summary only and does not contain full terms and conditions

More information

Camouflaged Collateral: "All Asset" Liens May Not Include Proceeds of D&O Insurance Policies in Bankruptcy

Camouflaged Collateral: All Asset Liens May Not Include Proceeds of D&O Insurance Policies in Bankruptcy Camouflaged Collateral: "All Asset" Liens May Not Include Proceeds of D&O Insurance Policies in Bankruptcy Article contributed by Lawrence V. Gelber and James T. Bentley of Schulte Roth & Zabel LLP As

More information

ASSEMBLY BILL No. 597

ASSEMBLY BILL No. 597 AMENDED IN ASSEMBLY APRIL 14, 2015 california legislature 2015 16 regular session ASSEMBLY BILL No. 597 Introduced by Assembly Member Cooley February 24, 2015 An act to amend Sections 36 and 877 of, and

More information

Errors and Omissions Insurance. 1.0 Introduction and Definition

Errors and Omissions Insurance. 1.0 Introduction and Definition Errors and Omissions Insurance 1.0 Introduction and Definition 1.1 Under the terms of this policy the word employee means any trustee of the Board of Education, any employee of the Hicksville Board of

More information

How To Cover A Claim For A Claim On A Life Insurance Policy

How To Cover A Claim For A Claim On A Life Insurance Policy Directors and Officers Liability Insurance Quick reference guide The Quick Reference Guide provides a snapshot of the changes that have been made in comparison to the previous Directors and Officers Liability

More information

LIQUOR LIABILITY COVERAGE FORM

LIQUOR LIABILITY COVERAGE FORM COMMERCIAL GENERAL LIABILITY CG 00 34 12 07 LIQUOR LIABILITY COVERAGE FORM THIS FORM PROVIDES CLAIMS-MADE COVERAGE. PLEASE READ THE ENTIRE FORM CAREFULLY. Various provisions in this policy restrict coverage.

More information

SPECIMEN. (2) because the total limits of liability of all applicable Underlying Insurance have been exhausted by actual payment thereunder.

SPECIMEN. (2) because the total limits of liability of all applicable Underlying Insurance have been exhausted by actual payment thereunder. SIDE A EXCESS AND DROP DOWN LIABILITY POLICY In consideration of the payment of the premium, and in reliance on all statements made and information furnished to the Underwriter, and subject to the Declarations

More information

FINANCIAL LINES ACE ELITE PLUS MANAGEMENT LIABILITY INSURANCE

FINANCIAL LINES ACE ELITE PLUS MANAGEMENT LIABILITY INSURANCE FINANCIAL LINES ACE ELITE PLUS MANAGEMENT LIABILITY INSURANCE 00 The ACE Elite Plus Management Liability policy features coverage and benefits designed to address the serious risks confronting private

More information

INSTRUCTIONS FOR COMPLETING THIS APPLICATION

INSTRUCTIONS FOR COMPLETING THIS APPLICATION MAIN FORM APPLICATION FOR PRIVATE COMPANY DIRECTORS AND OFFICERS AND CORPORATE LIABILITY INCLUDING EMPLOYMENT PRACTICES LIABILITY INSURANCE ( PRIVATE PLUS ) Name of Insurance Company to which this Application

More information

SAMPLE. Professional Indemnity Insurance (PII) Policy 2015/16. lawcover.com.au Page 1

SAMPLE. Professional Indemnity Insurance (PII) Policy 2015/16. lawcover.com.au Page 1 Professional Indemnity Insurance (PII) Policy 2015/16 Lawcover Insurance Pty Limited ABN 15 095 082 509 Level 13, 383 Kent Street Sydney NSW 2000 DX 13013 Sydney Market Street Telephone: 1800 650 748 (02)

More information

ASSEMBLY BILL No. 597

ASSEMBLY BILL No. 597 california legislature 2015 16 regular session ASSEMBLY BILL No. 597 Introduced by Assembly Member Cooley February 24, 2015 An act to amend Sections 36 and 877 of, and to add Chapter 6 (commencing with

More information

WORKERS CO MPENSATION AND EMPLOYERS LIABILITY INSURANCE POLICY

WORKERS CO MPENSATION AND EMPLOYERS LIABILITY INSURANCE POLICY WORKERS CO MPENSATION AND EMPLOYERS LIABILITY INSURANCE POLICY ABCDEFGHIJ In return for the payment of the premium and subject to all terms of this policy, we agree with you as follows: GENERAL SECTION

More information

Complete Professional Indemnity

Complete Professional Indemnity Allianz Insurance plc Complete Professional Indemnity Policy Details (including Policy Summary pages 1 4) Architects Policy Summary This is a Policy Summary only and does not contain full terms and conditions

More information

EDUCATORS LEGAL LIABILITY COVERAGE PART DECLARATIONS (Claims Made Form)

EDUCATORS LEGAL LIABILITY COVERAGE PART DECLARATIONS (Claims Made Form) EDUCATORS LEGAL LIABILITY COVERAGE PART DECLARATIONS (Claims Made Form) Policy No. NAMED INSURED: ITEM 1: POLICY PERIOD: POLICY COVERS FROM: TO: 12:01 A.M. standard time at your mailing address shown above.

More information

Insurance Agents and Brokers Professional Liability Insurance Policy

Insurance Agents and Brokers Professional Liability Insurance Policy LIBERTY INSURANCE UNDERWRITERS INC. (hereinafter called the Company ): In consideration of and subject to the payment of the premium, the agreement of the Named Insured to pay the Deductible amount stated

More information

NSW Self Insurance Corporation Amendment (Home Warranty Insurance) Act 2010 No 30

NSW Self Insurance Corporation Amendment (Home Warranty Insurance) Act 2010 No 30 New South Wales NSW Self Insurance Corporation Amendment (Home Warranty Insurance) Contents Page 1 Name of Act 2 2 Commencement 2 Schedule 1 Amendment of NSW Self Insurance Corporation Act 2004 No 106

More information

Chapter Two Liability Coverage

Chapter Two Liability Coverage Chapter Two Liability Coverage How Does a Business Become Liable for Injuries to Others? When we say a business is liable for injuries to others, we mean that they are legally responsible for them. It

More information

General Liability Insurance

General Liability Insurance General Liability Insurance Insurance Company: Alberta School Boards Insurance Exchange (ASBIE) Insuring Agreement ASBIE agrees to pay on behalf of the Subscriber all sums that they are legally obligated

More information

Insurance to Protect ESOP Trustees

Insurance to Protect ESOP Trustees Insurance to Protect ESOP Trustees OEOC 20 th Annual Conference Friday, April 21, 2006 Jeffrey S. Gelburd, CPCU, ARM Two North Second Street, 10th Floor Penn National Plaza Harrisburg, PA 17101 \\USHSBFP01\Groups\dep\Custom

More information

THE HARTFORD DIRECTORS, OFFICERS AND ENTITY LIABILITY INSURANCE APPLICATION (FINANCIAL INSTITUTIONS/FINANCIAL SERVICES) NEW YORK

THE HARTFORD DIRECTORS, OFFICERS AND ENTITY LIABILITY INSURANCE APPLICATION (FINANCIAL INSTITUTIONS/FINANCIAL SERVICES) NEW YORK , a stock insurance company, herein called the Insurer THE HARTFORD DIRECTORS, OFFICERS AND ENTITY LIABILITY INSURANCE APPLICATION (FINANCIAL INSTITUTIONS/FINANCIAL SERVICES) NEW YORK NOTICE: THIS IS A

More information

Energy & Shipping Seminar LIABILITY INSURANCE

Energy & Shipping Seminar LIABILITY INSURANCE Institute of Energy for SE Europe - IENE IENE Eugenides Foundation Conference Center, Athens 3 rd of February 2012 Energy & Shipping Seminar LIABILITY INSURANCE George Koutinas Engineer, Insurance Expert

More information

Directors and officers liability best practices guidelines

Directors and officers liability best practices guidelines Directors and officers liability best practices guidelines DIRECTORS AND OFFICERS LIABILITY BEST PRACTICES GUIDELINES INTRODUCTION A continuing challenge to all business is the efficient functioning of

More information