Claims on Directors & Officers Liability Insurance
It is important that your insurers are notified as soon as you become aware of a claim or circumstances that might result in a claim.
The Benefits of Prompt Reporting include:
Insurers can immediately appoint solicitors to record relevant information which may be forgotten by the time a claim is made.
The claim can be managed by your insurers and their solicitors who are experienced in dealing with such matters.
Your business can continue with the minimum amount of disruption caused by the claim.
The matter may be resolved by the insured and the insurers before it proceeds to legal action.
You must provide all necessary assistance to your insurers in the event of a claim.
You must never admit liability, settle a claim or incur any costs in with the claim without the written consent of your insurers. Your insurers are entitled at any time to take over and conduct the defence or settlement of any claim in your name.
For a full understanding of Directors’ and Officers’ liability insurance it is vital that the policy wording be examined and discussed with your advisers. This summary is not a definitive analysis of the insurance coverage and is given for general information purposes only.