New Management Liability Policy

Coverforce Underwriting (CU) are delighted to announce our foray into the Management Liability Insurance market with the release of... Palladium.

 

Our Palladium Management Liability product can support a range of incorporated legal structures including proprietary limited companies, incorporated associations, public companies limited by guarantee and co-operatives.

In Greek and Roman mythology a "Palladium" was an image of immemorial antiquity on which the safety of a city was said to depend.

 

Coverforce Underwriting have listened to the broker market who are seeking the flexibility of higher sub-limits (up to $5,000,000) accross a wide range of industries (including manufacturing and construction) in respect of specific statutory liability exposures.

Such statutory liability includes:

 

»  Pecuniary Penalties awarded against an Insured Person for a civil offence. Such pecuniary penalties relating to a     directors duties under the Corporations Act can exceed $200,000 per contravention; or

»  Pecuniary Penalties awarded against an Insured for a strict liability offence in connection with a breach of any     occupational health and safety law or regulation; or

»  Pecuniary Penalties awarded against an Insured for a strict liability offence in connection witht he discharge, release,     dispersal or escape of Pollutants.

 

It is not surprising that higher statutory limits are being sought under management liability insurance policies noting the following volatile mix of;

 

»  For Insured Persons such as directors and officers, the ever increading burden of personal liability resulting from non     compliance with an array of legislation and legal obligations. Liability incurred by Directors and Officers of companies     following civil actions and civil penalties may not be lawfully indemnified by the Company (but may be indemnified under     and insurance contract). Such liabiity may inculde many of the civil penalty provisions under the Corporations Act 2001     and associated Pecuniary Penalties; and

»  No fault liabililty being imposed on both the company and Insured persons under the Occupational Health and Safety     (OH&S) and Environmental laws at both federal and state level; and

»  Companies and Insured Persons responsible for managing companies being exposed to substantial fines and     penalties under such legislation. For example in NSW OH&S penalties can exceed $150,000 for an individual and     $1,500,000 for a Corporation. Similar penalties exist in other juridstictions such as VIC.

More information for brokers:

•  View the Palladium Management Liability policy information

•  View the Palladium Management Liability product features and highlights

•  Download the Palladium Management Liability Policy Wording

•  Find out Why is Pecuniary Penalties cover so important?

•  View our Pecuniary Penalties Claims Examples

•  Download the Palladium Management Liability application form

•  For general information please visit our Management Liability Information page

For all other queries please contact the Coverforce Underwriting team.

 

Important Note: Statements about the policy are a summary of cover only and do not constitute adivce in relation to the policy. For full details of terms and conditions please review the policy wording in full.

 

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