Professional Directors

Whether you are a paid professional or sit on a charity board, if "contracted" for your business acumen you need to be protected against being sued.

PROFESSIONAL INDEMNITY INSURANCE

If you are in the business of selling your knowledge or skills, you may want to consider taking out Professional Indemnity Insurance.

This protects your business against compensation sought by a client if you have made mistakes or are found to have been negligent in some or all of the services that you provide for them. Professional Indemnity insurance will also cover any legal costs.

TRUSTEES LIABILITY INSURANCE

The law imposes on trustees an number of duties that they must discharge when using the care, diligence and skill that a prudent person of business would exercise in managing the affairs of others.

Failure to meet these obligations can result in trustees being held personally liable for the breach, which can place their assets at risk and whilst a trust may provide an indemnity to the trustees for claims made against them, the cost to the trust of meeting such obligations can place an undesireable burden on its assets.

Trustees Liability Insurance indemnifies trustees (past, present and future) against claims for liability arising from alleged “Wrongful Acts” in performing their duties as trustees.

DIRECTORS & OFFICERS LIABILITY INSURANCE

Directors & Officers Liability Insurance is designed to indemnify directors, senior executives and employees (officers) in respect of loss arising from claims made against them in the discharge of their duties on behalf of the company.

Developments in statute introduced by parliament have not only broadened the scope of who may be deemed to be a director but has also placed an increased responsibility on directors. Importantly the duties imposed on directors have become easier to enforce.

Receivers, Liquidators and other third parties now focus on the past activities of directors to determine if thy have engaged in reckless trading or incurred obligations unreasonably, which have resulted in creditors suffering a loss or a fall in the value of the company for shareholders.

ASSOCIATION LIABILITY INSURANCE

Despite their not-for-profit or charitable nature, associations and charitable trusts have faced a significant increase in legal liability risk in recent years.

This is due to heightened expectations and accountability being applied to all sorts of organisations and those in their management teams.

Under increasing scrutiny, many associations and charitable trusts are finding that they can incur legal liability through the advice or services that they provide to their members or to members of the public.

IC Frith can tailor products to provide protection for all the above environments.

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