Management Liability Policy Benefits
NTAA ML is designed to protect the financial wellbeing of a Company along with the personal wealth of its Directors & Officers.
Companies and their Directors & Officers face the very real threat of incurring significant financial liability as a result of their actions in the work arena.
The NTAA ML product delivers a comprehensive and robust solution to the multiple exposures faced by small to medium companies in Australia. The product also provides Statutory Liability Coverage as a standard inclusion.
Insuring Clauses:
- Directors’ & Officers’ Liability
- Company Reimbursement
- Employment Entity Liability
- Entity Cover
- Fiduciary Liability
- Fidelity
Standard Extensions:
- Occupational Health & Safety Defence Costs
- Outside Board Cover (automatic for Not-For-Profit entities)
- Discovery Period
- Retired Directors & Officers
- Inquiry Costs
- Public Relations Costs
- Assets & Extradition Costs
- Advancement of Defence Costs
- Continuous Cover (for Innocent Non-Disclosure)
- Pollution Defence Costs
- Civil Fines & Civil Penalties
Other Standard Inclusions:
- Reinstatement of Limit of Liability for Non-Executive Directors (equal to 25% of the aggregate limit of liability or AUD$1,000,000 – whichever is the smaller)
- Defence Costs paid in addition to the Limit of Liability under Directors & Officers Liability and Company Reimbursement Insuring Clauses (equal to 10% of the aggregate Limit of Liability or AUD$200,000 – whichever is the smaller)
- Statutory Liability (maximum sub-limit of AUD$1,000,000)
Additional Benefits:
- Comprehensive definition of ‘Director’ and ‘Officer’
- Comprehensive definition of ‘Company’
- Cover for damages and costs awarded against the Directors or Officers
- Cover for Costs incurred in Investigations and Disciplinary proceedings
- Comprehensive cover for ‘Not-for-Profit’ Outside Directorships
- Cover for Subsidiaries
- Run-off cover for Subsidiaries
- Run-off cover for covered Outside Directorships
- Cover for Liabilities faced by Spouses
- Cover for Liabilities faced by Estates and Legal Representatives
- Cover for Prior Acts (Retroactive Liability Cover)
- Preservation of Right to Indemnity Clause
- 100% Lloyd’s of London Security
- Local Claims Handling & Payment Authority
For examples on where this policy will be useful please have a look at some Claims Examples
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