Directors and Officers Liability Insurance
ABOUT THE PRODUCT
Managers and members of corporate bodies face significant risks in the performance of their duties. Unlike ordinary employees, whose liability is limited under labour law, members of company bodies are personally liable for their decisions with all their assets. This liability extends not only to the company itself, but also to its shareholders, partners, creditors, and other third parties. The law permits the company, its shareholders, partners, and creditors to claim compensation for damages directly from a member of a corporate body. Such claims can involve substantial sums and may put the manager’s entire personal assets at risk. The most effective protection against these risks is liability insurance for damages caused by members of corporate bodies. This insurance offers comprehensive coverage against claims arising under the Commercial Code and other applicable legal regulations. While the policy is taken out by the company, it protects individuals — including all past, current, and future members of the board of directors, supervisory board, executive directors, members of control commissions, and proxy holders. This type of insurance is available to all types of companies, including their subsidiaries. It also provides protection to state-owned enterprises, contributory organisations, and non-profit entities. Investing in this insurance is a cost-effective way to safeguard not only the personal assets of managers in corporate bodies but also the assets of the company itself.
INSURANCE COVERAGE
PREMIUM Insurance Company offers specialised liability insurance designed to protect managers – members of corporate bodies – from the financial consequences of their decisions. This insurance covers a wide range of damages that may arise in the course of performing their duties.
Coverage for damage caused directly to the company: PREMIUM Insurance Company provides protection in cases where a claim is made against an insured manager for damage caused directly to the company. In such situations, the insured is legally obligated to compensate the injured party. The insurance ensures that PREMIUM Insurance Company will compensate the injured party directly.
Damage caused to third parties: The insurance also covers situations where damage is caused to third parties, and the company has paid compensation on behalf of the insured member of its corporate body. In these cases, the claim is made directly against the insured individual, who is responsible for the damage, while the company provides the compensation. PREMIUM Insurance Company then reimburses the company for the amount paid.
In addition to covering financial damages, the insurance from PREMIUM Insurance Company also includes all costs related to the defence of the insured. This encompasses legal representation fees, court proceedings, and expenses associated with out-of-court settlements.
ADVANCED INSURANCE COVERAGE
Are you looking for reliable liability insurance for damage caused by members of your corporate bodies (D&O Insurance)?
D&O insurance coverage provides exceptional protection for members of the board of directors, supervisory board, executive directors, audit committee members, and proxy holders.
What does D&O Advanced Insurance cover?
D&O Advanced Insurance can be extended to include coverage for public relations costs, aimed at protecting and maintaining the reputation of both the company and its representatives during crisis situations.
When attending court hearings, the insurance provides compensation for financial losses, so you don’t have to worry about lost income during lengthy legal proceedings.
Advanced insurance coverage also includes the costs of extradition proceedings, covering expenses related to the potential extradition of the insured abroad.
The insurance covers defence costs in proceedings concerning personal freedom or property. In the event of property confiscation, it also covers essential personal expenses.
Advanced coverage includes the cost of a financial guarantee in court proceedings, as well as legal defence costs related to damage to property or health.
D&O Advanced Insurance provides members of corporate bodies with comprehensive protection against a wide range of risks. With this insurance, you can focus on managing the company without fear of the personal financial consequences of your decisions.
What others said about our insurance
As a member of the Board of Directors, I am pleased that our company has taken out this insurance. With the responsibility that comes with my role, the level of associated risk also increases.
Peter V. Bratislava