Directors and Officers Insurance - for Gibraltar

Welcome to Professional Insurance Agents Ltd, a leading UK supplier for worldwide cover, on Directors & Officers liability Insurance, Mergers & Acquisitions and Professional Indemnity Insurance.

Why do you need Directors and Officers Liability Insurance?
Here's just a few areas where claims could be made against you:

• Companies Act 2006 (hundreds of possible areas of non–compliance)
• Investigation expenses
• Corporate manslaughter
• Pollution
• Former directors and non-executives
• Mergers and acquisitions
• Health and safety at work
• Data Protection Act
• Disability Discrimination Act
• Racial, sexual and age discrimination
• Insolvency Act
• E.U. directives and regulations
• Consumer protection, etc, etc.

We could go on if you like, but if you're still unconvinced may be we should explode some myths:-

Directors have limited liability - NO THEY DO NOT!
I don't have a title director, so I can't be held liable - YES YOU CAN !
The company can indemnify us - NOT IF IT GOES BUST!
We are only a small company - THE SAME LAWS APPLY!
They cannot touch my personal assets - YES THEY CAN !

If none of this has changed your mind you are truly an exceptional director!! On the other hand, if you would like to find out more about costs and cover to protect your company's directors and officers from being sued, click here to get a Directors & Officers Liability Insurance Quote.

Any director or officers looking after a company should not act outside their own authority, or commit the company to transactions or agreements that are outside the law or outside their own companies memorandum or association, and to avoid placing themselves in a position where their personal interest conflicts with those of the company.

Directors & Officers Liability Insurance - Gibraltar

Statutory Exposures (Typical)

• Health & Safety at work act
• Data Protection Act
• Transparency Obligations
• Companies Act 2006 (hundreds of possible offences)
• Racial and Sexual Discrimination
• Ageism and Disability Discrimination
• Insolvency Act (wrongful trading)
• E.U. Directives and Regulations
• Consumer Protection

Taking into account the exposures highlighted, a Director has to be mindful of all these when considering the following circumstances which quite often give rise to claims or legal proceedings

Circumstances

• Sale of Assets/Divestments
• Acquisitions/Investments
• Poor performance
• Share Issues/Change of share ownership
• Expansion Plans or Rationalisation
• Liquidation
• Failure to supervise
• Adverse publicity
• Dishonesty of fellow directors
• Safety and emergency regulations

Anyone with a particular skill or qualification must exhibit a greater duty of skill than those without. e.g. director, officer.

Insurance and the law - The law now permits directors to be able to protect and insure themselves against any liability for negligence, default, breach of duty, and breach of trust, this can include insurance for criminal proceedings, that may be brought against a director or officer of a company.