The D&O policy (“Directors & Officers Liability”) protects the personal assets of directors and other officers (board members, directors, auditors and member of  the supervisory board, if existing) should they be implicated for damages.

In corporations, the control and management bodies are unlimitedly liable with their personal assets in case of a breach of obligations, that is to say for a negligent incompliance with the their obligations established by the law and the articles of association. Any shareholder, irrespective of the shares held, and any customer and competitor of the company and other people may therefore take liability actions against the directors.

The Assiteca D&O policy, designed in close collaboration with prime international companies specialized in this sector, is underwritten by the company and insures the President and the Vice-President, Board Members, De Facto Directors, Executives and Auditors, and possibly the members of the Supervisory Board, therefore protecting them from third party actions, which might directly attack their personal assets.

This policy distinguishes itself from other insurance products on the market for the extent and flexibility of the regulations and because the contractual guarantee includes a series of possible events usually excluded from the market standards. The main features are:

  • Worldwide validity;
  • “claims made” time reach: the coverage includes actions committed in any period of time, without any retrospective limitation (except special cases that might surface during the quotation time), even if occurred in previous management periods, provided that the claim is made during the term of the policy;
  • Extended reporting period, a guaranteed extension in case of failure to renew the policy (up to 36 months paying an additional premium to be established);
  • Inclusion as “insured” of middle management while acting in their capacity as managers;
  • Payment of legal expenses/fees to be present to official investigations, inquiries, etc.