Directors' & Officers' Liability Insurance
Directors’ & Officers’ Liability Insurance Insurance for your reputation
Brought to you by
Fact Sheet Directors’ & Officers’ Liability Insurance
Brought to you by
Bespoke cover to match the needs of businesses operating in the Science & Technology sector
What are my Responsibilities as a Director?
As a director or officer of a UK business, individuals potentially assume an unlimited liability. The Company Law Reform Act has made the setting up and operation of a company much easier but has also significantly increased the director’s statutory responsibilities and potential personal liabilities for their corporate activities. With over 200 statutes already in existence relating to a director’s duties, it is clear that the management team has never been so potentially exposed to litigation. Health and safety, environmental, employment issues and ever increasing ‘red tape’, simply add to the overall burden.
Why do Science & Technology Businesses have Different Needs?
Contact Mark Philmore T: 0113 3662359 E: [email protected]
Often the share structure, differing routes to market and external investment create risks for the management team that standard Directors’ & Officers’ Insurance Policies do not cater for. In addition, insurers have traditionally relied on historical financial information that may not neccesarily be available for a young business.
Why is TechExec Different?
TechExec has been created specifically for Science and Technology businesses and provides bespoke cover to match the needs of businesses operating in the sector.
Key Benefits
No Major Shareholder Exclusion - unlike many standard policies, cover is usually provided in respect of claims emanating from major shareholders including external investors; Automatic cover for raising of private, third party finance up to £1m; Automatic reinstatement of the limit of indemnity for non-executive directors without a day-to-day interaction with the business but no diminished responsibility, non-executive directors are increasingly exposed to potential claims; Cover for work in any country and claims brought in any court in the world - the standard TechExec cover gives you the comfort of knowing that as your business grows and you explore new opportunities that you can do so without the need to immediately refer to insurers; Automatic cover provided for extradition costs - a number of recent high profile cases have brought the real risk of extradition for businesses trading overseas, into sharp focus. All extradition proceedings will be covered under the policy; Up to £25,000 travel costs associated with a claim - cover provided as standard.
www.m-f-l.co.uk/techexec
Manchester - Barlow House, Minshull Street, Manchester, M1 3DZ Leeds - 2 Wellington Place, Leeds, LS1 4AP Registered in England No. 2817700. Registered Office: Barlow House, Minshull Street, Manchester, M1 3DZ
T: 0113 366 2274 E: [email protected]
MFL Science & Technology is a division of McParland Finn Ltd. McParland Finn Ltd is authorised and regulated by the Financial Conduct Authority.
Brought to you by
Fact Sheet Directors’ & Officers’ Liability Insurance
Brought to you by
Bespoke cover to match the needs of businesses operating in the Science & Technology sector
What are my Responsibilities as a Director?
As a director or officer of a UK business, individuals potentially assume an unlimited liability. The Company Law Reform Act has made the setting up and operation of a company much easier but has also significantly increased the director’s statutory responsibilities and potential personal liabilities for their corporate activities. With over 200 statutes already in existence relating to a director’s duties, it is clear that the management team has never been so potentially exposed to litigation. Health and safety, environmental, employment issues and ever increasing ‘red tape’, simply add to the overall burden.
Why do Science & Technology Businesses have Different Needs?
Contact Mark Philmore T: 0113 3662359 E: [email protected]
Often the share structure, differing routes to market and external investment create risks for the management team that standard Directors’ & Officers’ Insurance Policies do not cater for. In addition, insurers have traditionally relied on historical financial information that may not neccesarily be available for a young business.
Why is TechExec Different?
TechExec has been created specifically for Science and Technology businesses and provides bespoke cover to match the needs of businesses operating in the sector.
Key Benefits
No Major Shareholder Exclusion - unlike many standard policies, cover is usually provided in respect of claims emanating from major shareholders including external investors; Automatic cover for raising of private, third party finance up to £1m; Automatic reinstatement of the limit of indemnity for non-executive directors without a day-to-day interaction with the business but no diminished responsibility, non-executive directors are increasingly exposed to potential claims; Cover for work in any country and claims brought in any court in the world - the standard TechExec cover gives you the comfort of knowing that as your business grows and you explore new opportunities that you can do so without the need to immediately refer to insurers; Automatic cover provided for extradition costs - a number of recent high profile cases have brought the real risk of extradition for businesses trading overseas, into sharp focus. All extradition proceedings will be covered under the policy; Up to £25,000 travel costs associated with a claim - cover provided as standard.
www.m-f-l.co.uk/techexec
Manchester - Barlow House, Minshull Street, Manchester, M1 3DZ Leeds - 2 Wellington Place, Leeds, LS1 4AP Registered in England No. 2817700. Registered Office: Barlow House, Minshull Street, Manchester, M1 3DZ
T: 0113 366 2274 E: [email protected]
MFL Science & Technology is a division of McParland Finn Ltd. McParland Finn Ltd is authorised and regulated by the Financial Conduct Authority.
