VIRTUAL NON-EXECS COVER

VNXD COVER STARTS FROM £250*

  • Only available to VNXD members, this simple product means that for one low annual premium you can protect all your NED board positions*.
  • 1-5 Directorships = £250 plus 12% Insurance Premium Tax 
  • 6-10 Directorships = £350 plus 12% Insurance Premium Tax 
  • 10+ Directorships – pricing on referral
  • £500,000 cover limit
  • Quick Online Purchase – Get Covered In A Few Minutes

* subject to eligibility criteria

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A Directors and Officers (D&O) Liability insurance policy is designed to protect the personal assets of directors against the cost of legal action that could be brought against them as a consequence of their decisions, actions, errors or omissions when acting for a company.

WHAT ARE THE LIABILITIES OF A NON-EXEC?

  • Only available for VNE members, this simple product means that for one low annual premium you can protect all your NED board positions.

If a company’s board of directors is investigated for ‘wrong doing’, such an investigation will include the actions or omissions of NEDs. But beware, you may find you are not covered by the company or they have exhausted or invalidated cover.

In general, a director can be disqualified for general misconduct in connection with companies or for being unfit to act as a company director.

Directors may also be subject to liability under sector specific rules such as:

  • Health & Safety Regulations
  • Anti-Bribery and Corruption Laws
  • Insolvency Laws
  • Criminal Laws

Why buy VNXD D&O cover? If I am covered on the company’s D&O policy why should I buy cover through VNXD? 

There are a number of ways in which a non-exec could find themselves a party to legal action but unable to use the protection of a company D&O policy.

No Cover in Place

  • The company fails to buy cover/cover cancelled due to non-payment
  • Fails to renew existing cover
  • Invalidates the policy through non-disclosure
  • Refuses to indemnify you
  • No Cover in Place
  • There is change in control (takeover or merger) and insurers aren’t notified

Cover Exhausted

  • The cover purchased has too low a limit and won’t meet claims costs
  • The Exec directors have actioned the cover before you and ‘used up’ all available coverage

10+ Directorships Prices on Referral

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IMPORTANT CUSTOMER INFORMATION

Before you get a quote from us, please read all of the information we have provided to make sure that you fully understand the policy cover and our terms of business.

Product Suitability 

  • The VNXD D&O product is available to Virtual Non-Exec members only
  • The product meets to non-exec director’s D&O liability needs for cover up to £500,000

Basis of Sale 

Your quotation and cover are provided by a single insurer. This means that you are provided with enough information for you to decide whether the product meets your requirements.

Eligibility Criteria 

Full details of the Insurer’s eligibility criteria are provided in the Important Customer Information document. Please take time to read this.

Terms of Business 

Please read our Terms of Business, along with other documents provided to you.

Privacy Policy 

Please read our Privacy Policy here.

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WHAT DOES THIS INSURANCE COVER?

  • What is insured?

This Non-Executive Directors Liability insurance provides the following cover

Insuring Clauses:

  • The Policyholder: any Loss not indemnified by the Company resulting from a Claim first made against the Policyholder during the Policy Period.

Coverage Extensions

  • Access to Policy Costs
  • Circumstance investigative costs
  • Data breach costs
  • Environmental liability costs
  • Extradition costs
  • Freezing of assets and disqualification costs
  • Health and safety claim costs
  • Insolvency hearing costs
  • Internal investigation costs
  • Mitigation Costs
  • Permanent Residency Costs
  • Private Warning Costs
  • Regulatory costs
  • Repatriation costs
  • Reputation costs
  • What is not insured?

This Non-Executive Directors Liability Insurance excludes cover for (this is not an exhaustive list, please read the Policy for more details and a full list of exclusions):

  • Actual or alleged bodily injury, sickness, disease or death of any person, or damage to, destruction, impairment or loss of use of any tangible property
  • Prior claims, insured events and circumstances.
  • Conduct brought about or contributed to by any (a) deliberately criminal or deliberately dishonest act or omission of any In or (b) profit or advantage gained by any Policyholder to which such Policyholder is not legally entitled.
  • Any entity registered in the United States of America, its territories or possessions
  • Cover is restricted and excludes companies with their primary activity being any of the following:
  1. Regulated activities including legal or financial services, IFA related activities, billing/payment processing and insurance-related activities
  2. Any mediation, arbitration or justice of the peace activities
  3. Cladding contractors
  4. Gambling including online gambling and/or spread-betting
  5. Professional sports activities
  6. Housing associations
  7. Cryptocurrency exchanges to include wallets, ICOs and tokenization
  8. Cannabis related risks
  9. Will writers and/or trustees of estates/funds (this does not include trustees or committee members of a charity.)