Management Liability Insurance is not only intended to provide protection for Directors and Officers of a Private company it also extends to provide coverage for the corporation under defined coverage’s.
There have been some inadequacies of traditional Directors and Officers Liability policies for private companies to which Insurers have responded with Management Liability Insurance.
Although each insurer’s Management Liability product is different they all generally provide the following covers:
- Directors & Officers Liability
- Corporation (Entity) Liability
- Employment Practices Liability
- Superannuation Trustees Liability
- Corporation Crisis (Public Relations cost) Cover
- Statutory Liability for Fines and Penalties
- Fidelity/Crime Cover
- Internet Liability
Insurer’s generally manage the defence of the claim on your behalf and will advance defence costs removing all the burden of defending the allegation from the Insured Entity. This is a great benefit as you have access to the expertise of some of Australia’s best legal firms to protect your reputation, balance sheet and cash flow.
Why do you need it?
Under the Corporations Act 2001 s.1317H not all liabilities incurred by a Director or Officer are indemnifiable by the company. For example, a company is not lawfully able to indemnify a Director or Officer for a liability (other than for legal costs) the Management Liability insurance policy does not have the same restrictions and may afford cover where the company is unable to.
Who is covered?
- directors, company secretary and executive officers
- committee members and senior management
- an employee acting in the capacity of a management or supervisory role
Management Liability Specialist
Scott Winton Insurance Brokers employ experienced Management Liability Insurance Brokers who will provide you a comprehensive overview of your Management Liability Exposure and provide you with a tailored insurance policy to suit your companies needs.
Scott Winton Insurance Brokers has the local and global knowledge to transact business with all Major Australian Insurers and Underwriting Agencies. If adequate policy terms and conditions cannot be sourced in Australia then we can obtain cover through Lloyd’s of London.
For a comprehensive and no obligation quotation please call Scott Winton Insurance Brokers for all your Insurance Requirements.
