About PYV and why you need cover

D&O covers both legal costs and damages associated with the defence of a wrongful act committed by directors undertaking their everyday duties. In addition D&O policies will pay investigation costs incurred by directors as part of regulatory investigations and, as a new development, the costs and damages of directors and/or the company itself associated with EPL claims.

As recognised experts in the broking of specialist liabilities, we have been working closely with a variety of insurers to make the availability of this valuable cover both simple and affordable. As a result, we are now in a position to arrange D&O and/or full EPL based on a short-form proposal with a fast turn-around (subject to receipt of satisfactory information) and at premium levels that can be below £400 (provided your firm meets key insurer criteria). Limits of indemnity of £250,000, £500,000 and £1,000,000 are readily available, with higher limits catered for on request. In most cases, policy excesses are nil.

Since the publication of the Cadbury Report the onus of responsibility faced by the directors and officers of companies has never been greater or more publicised. The report highlighted, in great detail, the duties and consequences faced by senior people when making or carrying out key (or even every day) decisions. As directors and officers, their personal liability is unlimited and extends to their estate on death.

Corporate legislation that must be adhered to is both extensive and complex. The directors and officers of companies are expected to be familiar with all aspects of the Companies and Insolvency Acts and operate within their boundaries. Failure to appreciate the importance and consequences of such legislation could put the individual's own personal assets at risk.

Such legal actions are potentially lengthy and costly. They may be brought against directors and officers from many sources such as shareholders, investors, insolvency practitioners and creditors. For those directors and officers (including, in most cases, Approved Persons) of companies regulated by the Financial Services Authority there is the added threat of costly investigations and, possibly, legal actions being brought by the regulator itself.

The number and size of EPL claims, such as discrimination and harassment in the workplace, have been increasing for many years due to ever-expanding legislation and awareness. The cost of defending such claims can prove damaging to companies and their directors and officers, no matter what their size.

Click here for our short-form D&O/EPL proposal form for completion and return to us, by post or fax. Once received, we will undertake to confirm as soon as possible what terms are available.

So, if you are not insured can you really afford not to be? ..... And, if you are already insured elsewhere, we can probably save you money.

We very much look forward to hearing from you.

Next steps?
Contact Professions Division
Tel: 020 7626 6789
Fax: 020 7648 5153
Email: insurancesolutions@pyv.co.uk