Financial institutions directors and officers liability
Financial institutions have to operate within a growing array of complex laws, rules and regulations, which increase the potential for litigation and consequent loss. All financial institutions, regardless of services offered or be they public or privately held can be affected by suits against the company and/or management. With the increasing focus from regulatory bodies it is becoming more important than ever that Companies protect their key personnel from suits brought against them.
Chubb provides market leading directors and officers liability insurance providing crucial protection to the company and its senior management against claims of wrongdoing from various parties including; shareholders, employees, competitor companies, and the government.
A broad definition of the term ‘wrongful act’ offers businesses greater protection
Cover for both claims and investigations
Cover for the company for securities actions
Cover for directors and officers plus an extensive number of other responsible persons
Global network of underwriters and claims professionals
Highly experienced underwriting team with the ability to tailor cover to suit individual business needs
Who does it protect?
Directors and officers, including:
Unrestricted definition of directors or officers covering all types of past, present and future directors and officers.
Managerial and supervisory employees.
Employees as co-defendants. Retired directors, other than those retired because of disqualification from holding office.
Directors and other individuals who, at the request of the company, serve on an outside entity board.
Spouse, estate or legal representative of deceased directors.
All approved persons who perform controlled functions and those designated under the senior managers regime and certification regime.
The company for securities action claims.
Any lawyer employed by the company who in their capacity as such must comply with Sarbanes-Oxley Act of 2002.
What does it cover?
Comprehensive cover for the directors and officers against defence costs and legal liability incurred from:
Errors and omissions
Breach of duty
Damages, judgments, expenses and defence costs
Costs of legal representation for investigations
Losses incurred within 30 days of management buy-outs of a subsidiary
Costs arising from extradition proceedings
Cover for deprivation of assets of individuals
Separate additional limits for independent directors
Long tail Retired Director cover
Individuals covered for pre-investigation costs
Civil fines and penalties cover for individuals where insurable by law
Tax contributions where the company has become insolvent and there is personal
Chubb is rated consistently amongst the highest for financial strength: AA from Standard & Poor’s and A++ from A.M. Best.
Why choose Chubb?
Recognised market leader We have a dedicated and highly experienced underwriting team with a vast amount of knowledge on the crime exposures facing all types of financial institutions.
Multinational capability Chubb’s worldwide network can provide local cover for multinational operations or companies with multinational exposures.
Award-winning claims service Our claims team is consistently recognised as the best in the business. We handle all claims in-house and clients have a single loss adjuster to liaise with throughout the process.
Best for financial strength A++ SuperiorAM Best’s highest rating for financial strength
Best Global D&O Insurer Global Finance, 2015
Best cyber & technology risks team Post Magazine, 2014
Excellent niche products and good service Insurance Times Broker Survey, 2015