Any business can experience unwelcome surprises that could potentially threaten their financial position leaving their owners and managers exposed to personal liability and the business under threat.
Increased regulation has heightened the operating risk for businesses of all sizes, Management Liability insurance is one way they can help protect themselves against ‘Unwelcome Surprises’.
Given the potential severity of these types of claims, it's worth considering Management Liability insurance for your clients.
Lumley Insurance's Management Liability provides ease and flexibility. It’s simple to quote, easy to access at my.place@Lumley and allows you to either purchase as a standalone policy or package the cover with your clients' other commercial risks, providing them with excellent value for money.
COVERS AVAILABLE
Directors & Officers Liability
Protection for any claim alleging a wrongful act, for example misrepresentation, negligence, breach of duty by a Director or Officer.
Employment Practices Liability
Cover for claims alleging an employment breach such as discrimination, harassment or wrongful dismissal and more.
Statutory Liability
Provides cover for any formal investigation by a regulatory, government, professional or other authorised institution. Cover includes defence costs and any resulting statutory fine.
Company Expenses
Provides cover for the Company for the costs incurred in defending third party claims. Extended to provide cover for fidelity losses and tax audit costs.
FEATURES AND BENEFITS
Greater Flexibility
Your clients can select a single aggregate limit from $1m - $10m or select individual covers, each with their own dedicated limit from $250k - $5m
Management Liability is available as a stand-alone policy wording or it can be included as a section of our Commercial Business Package cover.
Simple Easy Access
Management Liability is now available at my.place@Lumley on Sunrise Exchange to quote, bind and manage the lifecycle of your clients policy. No long and complex proposal forms or financials are required. Only a few simple questions need to be answered to obtain cover for your clients.
SPECIFIC FEATURES
General Extensions
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Acquisitions and creations
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Compensation for court attendance ($100k sub-limit applies) (new)
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Continuous cover (new)
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Discovery period available (new)
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Estates and legal representatives
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Preservation of indemnity
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Public and crisis management costs ($100k sub-limit applies)
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Previous subsidiary cover
*Unlimited Retroactive cover provided
Directors and Officers
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Wide definition of wrongful act
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Cover for directors on a superannuation scheme
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Outside position liability
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84 months retired director cover
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Cover for spousal liability
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Defence costs for pollution (sub-limits apply)
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Shareholder pollution claims covered with no sub-limit
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Cover for EPL claims made against directors (new)
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Bail and civil bond expenses ($100k sub-limit applies) (new)
Employment Practices Liability
Statutory Liability
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No sub-limits
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Formal or official investigations by a regulatory, government, professional or other authorised institution; not restricted to just OH&S legislation
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Cover includes the defence costs incurred in the investigation
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Statutory fines covered (where legally permitted)
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Pollution cover available
Company Expenses
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Cover for third party claims
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Defence costs for alleged breach of contract claims ($100k sub-limit applies) (new)
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Extended to cover tax audit costs ($250k sub-limit applies)
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Extended to cover fidelity losses ($750k sub-limit applies), including;
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Fidelity Loss caused by a Director (where there are multiple Directors) sub-limited to $100k within $750k sub-limit (new)
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Auditor fees, costs or charges necessary to determine the value of the loss
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Standalone superannuation funds
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Social, sporting, welfare clubs that has been formed for the benefit of employees
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No 'principal intent' trigger required
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Property belonging to or in the control of the insured.
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