Our comprehensive policy with AVIVA Insurance provides Directors and Officers Liability Insurance AND Corporate Legal Liability giving your Directors and your Company the protection you need.
As an Officer of a Residents Management Company you have many legal responsibilities and could be personally liable for decisions made and actions taken whilst working in your position as a Director or Officer. Residentline recommends taking out Directors liability insurance to protect yourself and any other directors or officers of your company against the cost of any potential compensation claims made against any key managers of your organisation for alleged wrongful acts.
What is Directors and Officers Liability Insurance?
Directors and Officers Liability Insurance protects directors and officers for claims made against them for wrongful acts committed solely by reason of their acting as a director or officer of a company.
What is Corporate Legal Liability Insurance?
It protects your company against the financial consequences of a wide range of claims made against it. Corporate liability insurance policy cover includes the cost of defence, and in some cases the amount of awards and damages, as a result of claims and prosecutions made against the company in a wide range of situations. Our AVIVA legal liability insurance policy automatically includes £100,000 Limit of Indemnity within the premiums shown below, however if you would like quotes on alternative Limits of Indemnity, please call us on 0800 281235 or visit www.directorsandofficersliability.co.uk.
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|Limit of Indemnity||£100,000||£250,000||£500,000||£1,000,000||£2,000,000||£5,000,000|
|0 – 10 flats||£95.76||£107.87||£155.76||£200.48||£279.44||£532.11|
|11 – 25 flats||£100.80||£113.40||£163.80||£214.20||£294.00||£575.34|
|26 – 50 flats||£123.20||£144.20||£180.99||£236.60||£350.00||£623.06|
|51 – 75 flats||£137.09||£167.55||£200.70||£266.11||£384.38||£666.62|
|76 – 100 flats||£147.62||£179.87||£215.71||£285.60||£411.04||£712.10|
|101 – 150 flats||£159.26||£194.21||£230.94||£305.31||£438.82||£758.69|
|151 – 200 flats||£169.79||£206.53||£245.95||£324.80||£465.47||£804.16|
|201 – 250 flats||£180.33||£218.85||£260.40||£343.39||£493.02||£850.53|
|Premiums include 12% Insurance Premium Tax|
Examples of claims
“Tenants of a block of flats brought an action against the Residents’ Management Company for failing to appoint a building company in a timely fashion to repair external brickwork on the building. Damage had been caused following a heavy rain storm and reported to the committee however repair work had not been commenced several months later when a subsequent rainstorm caused further damage.”
“A Residents’ Management Company faced an allegation of wrongful termination after it fired an employee for gross misconduct”
“A Residents’ Management Company director being sued following a property being devalued following the exterior of the property being painted an unusual colour”
“A director of a property owning company breached his authority in appointing a company belonging to a family member to undertake work on their behalf. Proceedings issued by the claimant for non-payment of fees of £42,000 following cancellation of the contract.”
Click here to view our Directors and Officers Liability Insurance Download