Vero Liability offers Directors and Officers Liability insurance to public and private companies. This insurance protects individual directors and officers and the company's obligations to indemnify directors' and officers' against the cost of claims arising out of wrongful acts, as well as the cost of defending those claims.
Directors and Officers Liability insurance responds to claims that a director, or an officer of the company who may be deemed to be a director (typically a senior executive), has committed a wrongful act in serving the company. Legislation such as the Companies Act, the Commerce Act and the Fair Trading Act mean that company directors and officers may find themselves accountable to shareholders, creditors, competitors, employees and members of the public.
The insurance covers the amount that the director or officer is legally obligated to pay, including the cost of defending any claims. The policy also covers reimbursement to the company for the costs of meeting its obligations under director’s indemnity provisions in the company’s constitution.
Who Needs It?
Any public or private company.
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Vero Liability products are available through insurance brokers and advisers. An insurance broker provides independent, professional and specialist advice to help make sure you have the right protection. If you don’t already have one, you can find a broker on the Insurance Brokers Association of New Zealand (IBANZ) website by clicking on the button below.