Directors & Officers Liability Insurance

ΑΣΦΑΛΙΣΗ ΣΤΕΛΕΧΩΝ ΔΙΟΙΚΗΣΗΣ

With the liability insurance of managing staff, mainly the members of the board of directors, directors and executives of a business (individuals) are protected against claims that may be brought against them by third parties (official authorities – shareholders – employees – traders – vendors – competitors – investors etc) claiming that they have caused them financial harm in decision-making, exercising administrative duties or failing to meet their obligations as they ought to have.

What is covered indicatively by Directors & Officers insurance contract:

  • Covering the liability of the board of directors (directors and executives) of the company against claims of third parties such as official authorities, traders, shareholders, employees, customers, due to decisions – mistakes/ omissions in the course of their duties
  • Protection of the company’s balance sheet
  • Facilitating businesses to more easily absorb economic losses without adversely affecting their profits
  • Protection of shareholders’ interests as well as the personal property of the executives
  • Protect executives from insecurity for their future as they perform their duties
  • Safer development of the company if measures have been taken against possible risks

Who may need D&O insurance cover:

  • Private companies
  • Public enterprises
  • Companies listed on the Stock Exchange (Greece & Abroad)
  • Financial Institutions
  • Multinational companies
  • Charitable organizations
  • Non-profit organizations

Expenses covered

  • Sums of out-of-court settlement
  • Amounts to be served as pecuniary damages
  • Defense and investigation costs
  • Loss of money due to employees’ infidelity
  • Legal support costs

Contact us for further information.

Errors & Omissions Insurance:

Another type of Liability insurance policy is that of ‘Errors & Omissions’. Such policies are primarily aimed at companies that have technicians and freelancers (technicians) who can cause damage to third parties due to an error or omission through their job. In the event of a customer holds the company responsible for a service provided or failed to provide which did not have the desired/ promised results, the insurance policy which covers the company can indemnify the third damaged party. An E&O policy typically covers defense costs, judgments and settlements. Even if the claim has no grounds, it can take thousands of Euros to defend against a lawsuit. Although many larger companies have the resources to fight legal actions, many medium – to – small businesses don’t have financial abilities. One lawsuit could bankrupt a business.

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Management Liability Insurance:

Liability insurance of management companies has much in common with Directors and Officers (D & O) liability insurance, but it is mainly addressed to companies that are engaged in management and provides coverage to the company’s executives as well as the company itself, from possible legal third party claims.

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