Contact Us About Us For Brokers Specialist Products Services Home Aviation Business Insurance Contract Works Crop Insurance Directors and Officers Insurance Farm Insurance Home and Contents Landlord Insurance Motor Vehicle Motor - Heavy Commercial Professional Indemnity Private Pleasurecraft Plant and Equipment Personal Accident Strata/Community Title Insurance Trades Insurance Contact MGA Today Please select your nearest office from the list below Select an office Canberra Broken Hill Newcastle Sydney Alice Springs Darwin Caboolture Roma Sunshine Coast Toowong Adelaide (Head Office) Booleroo Centre Ceduna Clare Cummins Gawler Loxton Moonta Mt Gambier Naracoorte Pt Lincoln Pt Pirie Tumby Bay Docklands Heywood Knox City Mildura Portland Warrnambool or please just fill out an enquiry form Directors Liability Insurance Directors and Officers Liability Insurance is designed to protect the personal assets of directors and officers, by providing indemnity for loss arising from a claim, as a result of a 'wrongful act' committed by them in the course of performing their fiduciary duty. A Wrongful Act is usually defined as an error, misleading statement, mis-statement, conduct, omission, neglect or a breach of duty. Who is covered? Directors and Officers are the people involved with managing and running the organisation. It covers the individual person, not the company. The people generally covered include: A director, secretary or executive officer An employee Past, present & future natural persons A natural person as deemed by legislation Coverage and/or reimbursement of costs is only available where the company has indemnified the individual/s. What is the standard cover provided? Judgements Settlements Investigative costs Defence costs Costs to appear at inquiries or investigations Please ensure that you read your specific schedule and policy wording to establish actual covers quoted / taken. Some General Information The law imposes duties upon the Directors and Officers of companies which they are personally liable for, including: exercising a reasonable amount of care and diligence in the conduct of their duties and use of the power of their position to not misuse information or their position to gain advantage for themselves, or to disadvantage shareholders of the company preventing the company from trading whilst insolvent Anybody involved in the management have duties and obligations which may arise from one or more of the following statutes: Corporations Law Workers Compensation legislation Occupational Health & Safety legislation Superannuation legislation Trade Practices Act and Fair Trading Acts Equal Employment Opportunity and Anti-Discrimination legislation Income Tax Assessments Act Environment legislation Customs and excise legislation Other coverage areas In the current market, several Underwriters have released broader based Directors and Officers Liability policies, generically called “Management Liability Covers”. A number of these policies may be endorsed to include aspects of cover such as Employment Practices Liability (ie. unfair dismissal, harassment), Statutory Liability Cover (fines and penalties) and also provide valuable access to experienced Legal Representatives. Please contact our office should you have any questions about these options. Historical claims information Claim Source Public Company (%) Private Company (%) Shareholders 50 29 Employees 22 44 Competitors 6 6 Customers 15 17 Government 2 0 Others 5 4 Contact your nearest broker to work out a package thats right for you. Alternatively, please fill out our contact form ©2014 MGA Insurance Brokers Pty Ltd Australian Financial Service Licence No: 244601. Legal Info Financial Services Guide Disclaimer Privacy Policy Products and Services Insurance Services Get an Insurance Quote Specialist Products Property Cover Notes Landlord Protection Payment Options Making a Claim Applications and Claim Forms About MGA About Us Contact MGA Community SmartBroker Broking Network Around Australia Adelaide Melbourne Sydney Brisbane Darwin Proudly Sponsoring Sunrise Childrens Village Variety Australia Royal Flying Doctors Other Site Map Our Blog