Directors & Officers Insurance
Why do you need this cover?
As a Director or Officer of a Resident Management or Right-to-Manage Company, you may be aware of new statutes that have been introduced to UK law over the past 10 years, which mean that you have personal liability.
In the event of fellow leaseholders suffering financial loss as a consequence of decisions made or actions taken (or not taken), Directors may be liable or be required to contribute personally, even if any allegations made are not finally proven in a court of law.
How might a claim arise?
Various duties are imposed upon a Director or Officer, which include:
Common law duties >>
Legal principles established from many years of case law.
Fiduciary duties >>
To act honestly, in good faith, in the best interests of the company at all times and not to allow personal interests to conflict with those of the company.
Duties of skill and care >>
To exercise the same level of care and skill that a person would use in the management of their own affairs with their level of knowledge and experience.
Statutory duties >>
Where an offense under an Act is committed by a Company with the consent or connivance of a Director, or is attributable to neglect, that Director is also guilty of the same criminal offense and can be punished accordingly.
Ensuring you’re protected
We offer specialist cover for Directors and Officers, providing protection and peace of mind.
For full details of the policy wording and costs of cover, please contact us.
