Cover for VNE members should you be exposed to the costs of defending legal or regulatory actions against you in your role as a Non-Executive Director

Cover starts from £250*

  • Cover for Non-Execs should you be exposed to legal costs

1-5 directorships – £250

6-10 directorships – £350

Includes £500,000 of cover

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 liabilities of a non-exec?

As with executive directors, non- executive directors are liable to disqualification for misconduct under the Company Directors Disqualification Act 1986. If a company’s board of directors is investigated for ‘wrong doing’, such an investigation will include the actions or omissions of NEDs. 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 VNE D&O cover?

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

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
  • 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

*Costs are plus Insurance Premium Tax 12%

10+ directorships prices on referral.

COVER COSTS

1-5 directorships – £250 + IPT

6-10 directorships – £350 + IPT

10+ directorships – contact us for pricing

£500,000 cover limit

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