Limit of indemnity required
Details of the current policy retroactive date (if applicable)
Full claims/circumstances disclosure
Statutory Liability insurance responds to unexpected and unintentional breaches of statute which may result in prosecution. This insurance covers the company, any director, officer, trustee manager or secretary, and the company itself where it is legally permitted or required to indemnify its directors and officers.
Case law relating to the Health & Safety at Work Act shows the substantial statutory liability exposures that can be faced by companies, directors, and senior management. Reparation orders are covered, but fines are not (they are uninsurable, according to the legislation).
The policy does not cover, among other things, employee contract claims, police prosecutions or IRD proceedings and does not cover any deliberate breach or disregard of statutory requirements.