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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