Platinum Commercial and General Insurance is able to arrange and place all your Management Liability Insurance requirements.
Companies and their directors continue to face greater corporate governance and increasing regulatory surveillance of the management of their business activities.
Traditionally directors’ & officers’ policies have been written to only protect the personal interests and assets of individual directors and officers. In the past any available cover for the entity under these policies has been limited only to optional extensions, such as employment practices liability cover and comes with the added risk of eroding the directors and officers’ policy limit.
Consequently, some companies have preferred to remain uninsured, exposing their owner directors and officers to the risk of expensive and time consuming litigation. This has been despite the fact that proprietary companies and their directors are directly exposed to risky litigation from a variety of different sources such as minority shareholders, employees (unfair dismissal, discrimination and sexual harassment), creditors and State and Federal regulatory bodies (i.e. ACCC, ASIC and ATO).
A Management Liability Insurance Policy for proprietary companies and their directors and officers is intended to provide protection not only for the assets of the individual directors and officers but cover is also extended to the company for defined exposures. This is done by firstly broadening a traditional Directors & Officers ('D&O') coverage and then incorporating it with several wide ranging management liability extensions under the one policy.
In summary, A Management Liability Insurance policy offers in the one convenient cover the following:
- Directors and Officers Cover
- Corporation Reimbursement Cover
- Corporation Liability Entity Cover
- Employment Practices Liability (Corporation and Insured Persons) Cover ('EPL')
- Superannuation Trustees Liability (Corporation and Insured Persons) Cover
- Corporation Crisis Cover
- Directors and Officers, Fines and Penalties Cover
- Fidelity Cover (Optional)