Management liability
In most jurisdictions around the world, business managers have a duty of care to shareholders, employees and customers. They are required to carry out their duties and communicate on corporate affairs ethically, legally, and accurately and in the best interests of their stakeholders. When they are perceived to have failed in these duties, they can become the target of litigation (including class action claims), employment tribunals, or regulatory or criminal investigations.
A range of insurance products exists that protect corporate entities and their directors, officers, trustees, and other managers from such liability, including:
- Directors’ & officers’ liability – public, private and not-for-profit
- Employment practices liability
- Trustees’ liability
- POSI / SPACs / IPOs
- Commercial crime
- Kidnap and ransom
Financial institutions
Businesses and institutions in the financial services sector face a distinct set of risks. Fraud and theft, employee dishonesty, management liability and professional liability are exposures that financial institutions across the world face. Specific products include:
- Computer crime
- Directors’ & officers’ liability
- Professional liability
- Specie
