Security of Administrative Staff and Officials
Comprehensive risk management
An organization’s management staff and officers have, in recent years, faced increasingly intense regulatory and political scrutiny and are exposed to the risk of lawsuits because of the importance of the decisions they make. Their company, therefore, must provide them with the space they need so that they can make decisive decisions.
Directors and Officers Liability Insurance (D&O insurance) is a type of liability insurance that provides financial protection to directors and officers of a legal entity if they are sued for errors and omissions committed in the course of their duties. D&O insurance policies cover claims from shareholders, employees, customers, suppliers, regulators, or other parties.
Directors and Officers Liability Insurance is recommended for any company with a board of directors or executive officers, regardless of the size or type of business. This includes public companies, private companies, non-profit organizations, and even small startups.
Our Contracts contain Comprehensive Coverage from:
- Mismanagement
- Abuse of power
- Unfair practices
- False representations
- Negligent supervision
- A reckless investment
- Insolvent financial activity
- Failure to disclose conflict of interest
- Disputes about the content of contracts
Frequently Asked Questions (FAQ)
This insurance is addressed to any business. Although the cover offered is for directors, only their company can be a policyholder.
In Cyprus, professional liability insurance is only mandatory for specific professional categories. However, there is a large portion of international companies that carry out this insurance because it is a condition or a contractual obligation to cooperate with customers or suppliers.
No! Professional liability insurance only covers your errors and omissions when performing your duties as professionals. To better understand the difference, let’s consider the example of an active doctor who also belongs to the board of directors of the clinic he works for. If this doctor commits an error during an operation, then the professional liability contract is activated in a possible lawsuit. However, if the doctor makes a recommendation for the purchase of a diagnostic machine that will lead to damages to the clinic, then in a possible lawsuit against him by the shareholders, the contract of administrative officials is activated.
The better you describe to us the scope of the company’s activities, the better we will understand the possible risks arising from them, resulting in offering you a specific coverage that meets your particular characteristics and not a general and therefore more expensive coverage. Also in specific cases, we will consider the possibility of adding a large deductible amount (excess amount).
Our reinsurers are committed to reviewing all cases we receive and evaluating them individually. We offer insurance coverage to a large number of companies regardless of the nature of their activities, their size, their requested coverage, the number of their branches abroad, or the nationality of their directors.
The spectrum of their activities covers the fields of technology (IT, mobile apps, Artificial Intelligence, CRM, web development), finance (finance, holding companies), foreign exchange sales (Forex, binaries, cryptocurrencies), shipping, advertising and promotion (marketing & advertisement), legal services (trust, alternative funds), real estate services, etc.
