Directors and Officers Protection
Civil Liability Insurance for Directors and Managers of Zurich Insurance plc, Subsidiary in Spain
Protect your personal patrimony
We wish to protect you in your decision-making and therefore place at your disposal an insurance policy designed exclusively for Directors and Officers, senior management posts, under which you will have your personal wealth protected against any third party claims for possible damages caused by any inappropriate act carried out in their official capacity.
At Banco Sabadell we devote our effort and experience to building a secure business in all areas and chiefly in those which guarantee your peace of mind. Our products therefore offer:
- Personalised telephone assistance via an exclusive number for Banco Sabadell customers (902 108 637).
- Maximum guarantee of service and customer satisfaction via Zurich, a world leader
- We have a team of highly qualified specialists at your service to advise you in accordance with your needs
The advantages of this policy are varied, chief amongst which are the following:
- An Innominate policy, including all the managers without having to specify each one
- With unlimited retroactivity, in response to claims brought for events occurring prior to purchase of the insurance or during the insurance period – unknown to the company – but received during the life of the policy
- Flexibility of the policy with the option of choosing between different sums insured.
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Directors and Officers Protection (D&O) places at your disposal a wide range of cover, such as:
- Personal third party liability of the persons insured
- Reimbursement to the company insured.
- Additional period for declaration for retired offices and administrators.
- Marital assets and hereditary assets – heirs – legal representatives
- Director of an affiliate
- Claims for employment practices
- Limit on excess compensation for independent administrators
- Investigations into the company insured
- Defence, settlement and assignment expenses
- Creation and acquisition of affiliates during the period insured
- Posting of civil liability bonds and deposits of criminal record
- Insolvency guarantee expenses, extradition expenses, advertising expenses
What does the policy cover?
It is a policy which protects the personal wealth of the officers and executive personnel against claims for improper acts during the discharge of their duties which lead to financial losses for third parties and which the officer is under the legal obligation to pay.
What type of claims can an administrator or officer receive?
Any third party may allege that a given decision taken by the administrators or poor management of the company have caused them an economic loss.
Any person or company other than the Company Insured or an Insured is considered a third party, such as:
- The shareholders, members or participants or a part thereof
- Workers or employees
- Creditors Suppliers
- Other third parties for infringement of interests: Clients, competitors…
What need is there for D & O insurance?
Directors and Officers increasingly need to make more decisions in increasingly complex environments. These decisions, together with their implementation, may affect the course of the company, the shareholders and any third party associated with the company. This is an unlimited source of possible claims.
There are an increasing number of claims due to the following factors:
- Amendments to the law. Both worldwide and nationally. New company, environmental, employment, competition laws arise, etc.
- Need to furnish shareholders with increasingly complex information.
- Greater predisposition to filing claims. When on claim is brought, more and more follow.
- Greater complexity of business operations due to the internationalisation of companies, mergers, acquisitions, losses on operations, etc
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