It goes without saying that when your main asset is your people, your main risk may come from people as well. In recent years, this has become one of the trickiest aspects of insurance and with the trend claiming millions in damages spreading everywhere, premium costs for liability insurance is skyrocketing. Around the globe fewer insurers are offering liability policies and specialty risks are getting harder and harder to cover. It is simple commonsense to protect you and your employees in which negligence, some act or omission on your part exposes theÂ Directors & Officers to claims for remedies from third parties. This is where Marathon comes in.
Â Marathon will help you achieve the right security leaving you free to concentrate on running your business successfully. We will provide advice on insurance products to protect your business from lawsuits alleging various wrongful acts, including:
A D&O wrongful act would be an act committed in the individual's duty as a director rather than in their professional capacity i.e. duty as a manager of the Corporation.PI insurance covers the corporation for their professional liability as a Corporation.Some examples of D&O losses include the following:
- regulatory investigations
- legal costs
- some fines and penalties
- breach of duty as director/manager
- misleading statement
- breach of trust
As it is the directors who manage the assets and control the corporationâ€™s day-to-day affairs, it is they who act as trustees of the corporationâ€™s assets, and because they determine the activities of the corporation they have a legal obligation to ensure that their actions are bona fide and for the benefit of the corporation.Directors are personally liable to pay losses suffered by the corporation following an act which is either illegal, outside the corporationâ€™s authority, beyond their power, or which evidences insufficient skill and care in managing the corporationâ€™s affairs.
The workplace is changing. Your needs are changing. Let us assist you to define your world of risk. Call us today because between what's good for you and what's right for the insurance company is us. Marathon Insurance Brokers.