Directors and Officers Liability
Directors and Officers (D&O) liability insurance protects your organization's directors and officers from personal financial loss that may result from allegations and lawsuits of wrongful acts or mismanagement carried out in their appointed capacity. Wrongful acts may include accusations of mismanagement or breach of fiduciary duties, misrepresentation to shareholders, creditors and others, and failure to comply with federal or provincial laws and regulations governing workplace safety, employment practices and environmental practices.
Any organization governed by a board of directors, from nonprofits to commercial enterprises, needs comprehensive D&O coverage, as the individuals who serve are increasingly held accountable for their actions and/or inactions.
Travelers Canada D&O liability insurance provides coverage for damage awards, settlements and legal defense costs that may result from wrongful act allegations and lawsuits brought against an organization's board of directors and officers. Whether allegations are founded or baseless, losses will almost certainly result. Comprehensive directors and officers liability coverage is key to protecting assets as well as attracting and retaining qualified executives and board members.
Travelers Canada directors and officers liability policies have a broad definition of claim and cover the defence costs, settlements and judgments associated with claims. Travelers Canada D&O policies not only help provide protection for the assets of the organization and the personal assets of its directors and officers, but also help protect the personal assets of a director or officer’s spouse, domestic partner or the deceased director or officer’s estate.