The Insurance Directory - ONE Director’s & Officer’s Liability

ONE Director’s & Officer’s Liability

Directors and Officers (D&O) cover is one of the most overlooked covers in the industry and yet it is one of the most important. Most brokers only identify a need for the cover when dealing with large corporate accounts. SMEs are just as exposed to a claim against the directors and officers. The single biggest risk is that the action is brought against the director and officer personally exposing their personal wealth, home and family directly.



What is often overlooked are the Community Associations, such as Homeowners Associations, Timeshare Boards, School PTAs, Church Governing Bodies, Club Committees and the like which are all legal entities that are governed by by-laws and applicable statutory or governmental regulations.

These Boards are often confronted with some basic inherent challenges such as:



They often lack experience and training

Often succumb to a false sense of security by handling matters informally

Often ignore basic rules and governing documents

Often shy away from professional guidance.



The crucial issue is that board members are personally exposed and are vulnerable to lawsuits. They take on responsibilities and take actions (or fail to act) that affect the entire organisation. Some typical claim examples are:



Failing to ensure that necessary tax returns are filed

Misusing funds

Discriminatory hiring decisions

Defamation

Failing to manage the company resulting in its failure

Entering into contracts that are not properly understood resulting in financial loss



ONE Insurance Underwriting Managers (Pty) Ltd Reg No. 1996/008987/07. Authorised Financial Services Provider FSP8783 VAT No. 4370160501



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ONE Insurance Underwriting Managers (Pty) Ltd

Directors and Officers (D&O) cover is one of the most overlooked covers in the industry and yet it is one of the most important. Most brokers only identify a need for the cover when dealing with large corporate accounts. SMEs are just as exposed to a claim against the directors and officers. The single biggest risk is that the action is brought against the director and officer personally exposing their personal wealth, home and family directly.



What is often overlooked are the Community Associations, such as Homeowners Associations, Timeshare Boards, School PTAs, Church Governing Bodies, Club Committees and the like which are all legal entities that are governed by by-laws and applicable statutory or governmental regulations.

These Boards are often confronted with some basic inherent challenges such as:



They often lack experience and training

Often succumb to a false sense of security by handling matters informally

Often ignore basic rules and governing documents

Often shy away from professional guidance.



The crucial issue is that board members are personally exposed and are vulnerable to lawsuits. They take on responsibilities and take actions (or fail to act) that affect the entire organisation. Some typical claim examples are:



Failing to ensure that necessary tax returns are filed

Misusing funds

Discriminatory hiring decisions

Defamation

Failing to manage the company resulting in its failure

Entering into contracts that are not properly understood resulting in financial loss



ONE Insurance Underwriting Managers (Pty) Ltd Reg No. 1996/008987/07. Authorised Financial Services Provider FSP8783 VAT No. 4370160501



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ONE Insurance Underwriting Managers (Pty) Ltd

Bicycle

Perils Covered: - All risks, damage or loss to equipment within South Africa or anywhere in the world while on a trip not exceeding 30 days. - Cover includes while in storage, in transit and in use, including amateur races. - Third party liability providing indemnity for any damages the insured is legally liable to pay to a third-party claimant for any bodily injury or death, or any loss or physical damage to tangible property that is accidentally caused by the insured while participating in the insured activity. - Personal accident to the insured in the event of death or permanent disability while participating in the activity Items Covered: - All itemised bicycles, mono cycles, tricycles and tandem bicycles, commonly referred to as cycles. - Your cycling accessories such as torches, helmets, cycling sunglasses, shoes, specialist clothing, bike computers, bike GPS’s, heart rate monitors, bike stands, rollers, training mats etc. - Your repair kit - Your bag, case or box used for storing and transporting the equipment - Other items not specifically mentioned but which are used solely during the activity - In the event that Your cycle, or similar items critical to an organised race or cycling event is lost or delayed while in transit to the event, We will indemnify You for the costs of renting similar equipment, as a temporary replacement, for the duration of the event - Excess buy down: Normal excesses can be reduced for an additional premium equal to the normal premium ONE Insurance Underwriting Managers (Pty) Ltd Reg No. 1996/008987/07. Authorised Financial Services Provider FSP8783 VAT No. 4370160501

ONE Director’s & Officer’s Liability

ONE Insurance Underwriting Managers (Pty) Ltd

Directors and Office...

Directors and Officers (D&O) cover is one of the most overlooked covers in the industry and yet it is one of the most important. Most brokers only identify a need for the cover when dealing with large corporate accounts. SMEs are just as exposed to a claim against the directors and officers. The single biggest risk is that the action is brought against the director and officer personally exposing their personal wealth, home and family directly. What is often overlooked are the Community Associations, such as Homeowners Associations, Timeshare Boards, School PTAs, Church Governing Bodies, Club Committees and the like which are all legal entities that are governed by by-laws and applicable statutory or governmental regulations. These Boards are often confronted with some basic inherent challenges such as: They often lack experience and training Often succumb to a false sense of security by handling matters informally Often ignore basic rules and governing documents Often shy away from professional guidance. The crucial issue is that board members are personally exposed and are vulnerable to lawsuits. They take on responsibilities and take actions (or fail to act) that affect the entire organisation. Some typical claim examples are: Failing to ensure that necessary tax returns are filed Misusing funds Discriminatory hiring decisions Defamation Failing to manage the company resulting in its failure Entering into contracts that are not properly understood resulting in financial loss ONE Insurance Underwriting Managers (Pty) Ltd Reg No. 1996/008987/07. Authorised Financial Services Provider FSP8783 VAT No. 4370160501