Directors & Officers

Directors & Officers

Against a legislative backdrop of increasing shareholder activism, strict compliance requirements for corporate governance, and ever more aggressive regulators, the risk of legal and personal liability being incurred by company directors and officers is at an all-time high.

Businesses operating in foreign jurisdictions are required to comply with the legal framework relevant to their overseas operations. Such compliance includes listing and filing requirements, rigorous market disclosure and careful management of their professional relationships with employees, creditors, customers and suppliers.

Directors and officers are personally exposed to unlimited financial liability, and the company and board of directors share the responsibility for ensuring they have the highest possible level of protection.

In response to these evolving challenges, Liberty’s Directors & Officers (D&O) policy wording provides market leading D&O protection. Our wording, combined with our ability to offer limits up to US$25 million, makes Liberty an attractive lead insurer for private, publicly listed and government-owned entities.

At a glance:

  • Limits up to US$25 million
  • Access to professional advice and legal representation (for an internal inquiry, self-report to a regulatory body and any industry-wide inquiry) 
  • Additional Side A limit available to all directors
  • Change in control - lifetime cover for former insured persons who retired or resigned during the policy period
  • Recoveries which are in excess of payments to the insured are reinstated to the limit of liability
  • Fraud and dishonesty exclusion triggered only by a final, non-appealable legal ruling; no longer triggered by admission of fraud
  • Provides full defence costs cover for all claims in the USA and claims alleging employment practice breaches in the USA; Former Insured vs Insured exclusion now applies only to claims brought by the company in the USA
  • No pollution or professional services exclusion
  • No late notification penalty if insured is legally prohibited from notifying a claim, inquiry, raid or self-report
  • Also covers asset and liberty expenses, bail bond and civil bond expenses, extradition costs, personal taxation liability, public relations and reputation protection expenses.
     
 

D&O Side A Excess

Being a director on a listed entity attracts heightened exposure to litigation and class action risks. With no immediate changes to the legal environment to deter litigation funders from instigating class actions and eroding policy limits on a Directors and Officers (“D&O”) Liability policy, Liberty’s Side A Excess cover provides isolated protection solely for the directors and officers to protect their legal liability and personal assets.

At a glance:

  • Provides difference-in-conditions cover which may provide protection when the:
    • claim is not covered by the underlying corporate D&O policy;
    • corporate D&O insurer(s) is insolvent; or
    • corporate D&O policy is rescinded by the insurer(s)
  • Fills potential gaps in corporate D&O cover
  • Limits exhaustion peace of mind: a policy limit is set aside exclusively to cover claims made if the corporate D&O cover limit is depleted from paying previous claims.
     
Get in touch with an Underwriter
Helen Brand - Assistant Vice President – Professional & Financial Risks & Queensland Branch Manager

Helen Brand

Assistant Vice President – Professional & Financial Risks & Queensland Branch Manager
T: +61 7 3235 8823

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Jack Chia - Senior Underwriter, Professional & Financial Risks

Jack Chia

Senior Underwriter, Professional & Financial Risks
T: +61 8 6188 9504

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Jack Cox - Senior Underwriter, Professional & Financial Risks

Jack Cox

Senior Underwriter, Professional & Financial Risks
T: +61 2 8047 3372

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Jamie Kennell-Webb - Senior Underwriter, Professional & Financial Risks

Jamie Kennell-Webb

Senior Underwriter, Professional & Financial Risks
T: +61 2 8298 5806

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Jerome Steyn - Assistant Vice President, Professional & Financial Risks Manager, WA

Jerome Steyn

Assistant Vice President, Professional & Financial Risks Manager, WA
T: +61 8 6188 9503

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Mathew Tully - Underwriter, Professional & Financial Risks

Mathew Tully

Underwriter, Professional & Financial Risks
T: +61 7 3235 8846

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Meredith Lieu - PFR Portfolio Manager, Commercial D&O

Meredith Lieu

PFR Portfolio Manager, Commercial D&O
T: +61 3 9619 9813

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Neil Bowdrey - Mining & Resources D&O Portfolio Manager

Neil Bowdrey

Mining & Resources D&O Portfolio Manager
T: +61 8 6188 9512

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Paul Hare - Technical Training & Development Manager, Professional & Financial Risks

Paul Hare

Technical Training & Development Manager, Professional & Financial Risks
T: +61 8 6188 9515

Email

Umbrella Defence Costs

The 2014 Bridgecorp ruling (regarding competing claims between defence costs and third party claims on a policy) has potential implications for Australian entities with exposure to New Zealand legislation. The ruling may not be confined to Directors & Officers Liability policies as the legislation can prevent the holder of any liability policy from accessing defence costs where the limit of liability is defence costs inclusive, which is the case for many liability policies, including professional liability policies.

Liberty‘s Umbrella Defence Costs policy is our unique response to this development.

At a glance:

  • Single overarching solution to insurance concerns
  • Protects one or more classes of liability
  • Provides a limit exclusively for defence costs.
Get in touch with an Underwriter
Christian Manning - Professional & Financial Risks Manager, Southern Region

Christian Manning

Professional & Financial Risks Manager, Southern Region
T: +61 3 9619 9803

Email Profile

Helen Brand - Assistant Vice President – Professional & Financial Risks & Queensland Branch Manager

Helen Brand

Assistant Vice President – Professional & Financial Risks & Queensland Branch Manager
T: +61 7 3235 8823

Email Profile

Jack Chia - Senior Underwriter, Professional & Financial Risks

Jack Chia

Senior Underwriter, Professional & Financial Risks
T: +61 8 6188 9504

Email Profile

Jerome Steyn - Assistant Vice President, Professional & Financial Risks Manager, WA

Jerome Steyn

Assistant Vice President, Professional & Financial Risks Manager, WA
T: +61 8 6188 9503

Email Profile

Josh Luk - Assistant Vice President & Portfolio Manager - Financial Institutions

Josh Luk

Assistant Vice President & Portfolio Manager - Financial Institutions
T: +61 2 8298 5932

Email Profile

Mathew Tully - Underwriter, Professional & Financial Risks

Mathew Tully

Underwriter, Professional & Financial Risks
T: +61 7 3235 8846

Email Profile

Meredith Lieu - PFR Portfolio Manager, Commercial D&O

Meredith Lieu

PFR Portfolio Manager, Commercial D&O
T: +61 3 9619 9813

Email Profile

Michael Mahlo - Senior Underwriter, Professional & Financial Risks

Michael Mahlo

Senior Underwriter, Professional & Financial Risks
T: +61 2 8298 5906

Email Profile

Paul Hare - Technical Training & Development Manager, Professional & Financial Risks

Paul Hare

Technical Training & Development Manager, Professional & Financial Risks
T: +61 8 6188 9515

Email