Glennon are delighted to be working with Irish Small and Medium Enterprises Association (ISME) in relation to the risks that Directors and Officers now have under The Companies Act, 2014.
These risks are a lot wider than most Directors and Officers realise and as a consequence the financial implications are not readily understood. In association with ISME, we have negotiated a Directors and Officers Liability insurance package, which incorporates discounted premium rates and policy protection that will be relevant for most ISME members irrespective of size.
Please find some additional information below that we hope will prove useful:
Directors and Officers responsibilities and liabilities have increased under the Companies Act 2014. If you are sued in your capacity as a Director or Officer your personal assets are at immediate risk as your Company may not be able to indemnify you.
Claims against Directors can arise in the following circumstances;
- Shareholders—allegations that the Director did not act in the Shareholder’s best interest.
- Employees—must have regard to the interests of the Employees in the performance of their duties.
- Creditors— must have regard for the Creditors of a company.
- Personal Liability for pollution and environmental damage including clean-up costs.
- Liability under Safety, Health and Welfare at Work Act, 2005.
- Liability for Corporate Tax.
Where a Director could incur legal or other costs;
- Legal costs to be represented at investigations and to fight prosecutions.
- Legal costs to fight disqualification and extradition.
- PR costs to protect the Director’s reputation.
- Defending an allegation of defamation.
- Defence costs to fight a case in relation to pollution under the Companies Act 2014.
- Civil fines and penalties when insurable by law.
The ISME Directors and Officers Liability Insurance Facility provides protection for the all of the circumstances set out above. Individual Directors and Officers need to protect the risk of their personal assets being exposed in a situation where litigation has commenced against them and there is no other indemnity available.
In order to obtain a quotation please either email us , call us on 01-7075979 or click Contact Us!