Directors and Officers Liability

What is Directors and Officers Liability?

This policy covers directors and officers of a company in case of legal suits brought against them individually for their violation of their official duties or statutory laws.

  • Section A – Indemnity to individual directors for legal suits filed against them
  • Section B – Company reimbursement ( Company pays for legal suits for the sued director hence the company seeks reimbursement)
  • Section C – Securities (Applicable to companies that trade in the stock exchange markets & financial instruments i.e bonds)

FAQ

How can one arrange cover for Directors and officers liability insurance?

Cover can be issued on the following basis.

  • Section A – Indemnity to individual directors for legal suits filed against them.
  • Section B – Company reimbursement (Company pays for legal suits for the sued director hence the company seeks reimbursement)
  • Section C – Securities (Applicable to companies that trade in the stock exchange markets & financial instruments i.e bonds)

Which institutions Qualify for this cover?

  • Companies domiciled in Kenya (but company might be operating abroad)
  • Companies (and their subsidiaries) which are not listed on any stock exchange
  • Companies which have been in continuous operation for at least three years
  • Companies which are not a financial institution, a pharmaceutical, a bio‐technology
  • or an information technology/services company.
  • Companies which are not aware of any past claims against the directors or officers
  • within the last 5 years
  • Companies which are not aware of any circumstances that could give rise to a claim

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