Directors and Officers Liability Cover
Directors & Officers Liability (often referred to as “D&O”) provides financial protection for the Directors and Officers of a company.
Since a director can be held personally responsible for acts of the company, most Directors and Officers will demand to be protected rather than put their personal assets at stake.
The D&O cover offered by Genlib is aligned with the Companies Act 71 of 2008.
- Past, present and future directors
- Employees and volunteers in a managerial / supervisory capacity, audit committee or risk committee
- President / CFO / CEO / Company Secretary
- Personal liability : property, cars, assets, savings & pension funds are at risk
- Spouse, heirs and estates (may be named in a suit)
- Financial implications of defence costs could be catastrophic
- Should your assets be frozen, are you able to cover the costs of schooling, housing, utilities and personal insurance ?
It protects the decision makers against ALLEGATIONS of
- Willful misconduct and breach of trust
- Reckless trading
- Breach of Authority
- Illegal acts (if found guilty, insured would have to reimburse insurer)
- Sexual harassment
Or INDEMNIFIES the Insured against
- Wrongful acts – which include breach of duty E&O, misstatement, misleading statement, errors in judgment
- Damage and Injuries to third parties (legal defense costs)
- Legal defense costs – it’s not just about damages / liabilities
Insured through Stalker Hutchison Admiral (Pty) Ltd on behalf of Santam Ltd.