The exposures associated with managing a business are far and wide. Whilst companies tend to insure the tangible exposures of property damage, business interruption and bodily injury, they often completely overlook "management risk", thus exposing their company and its directors to fund the defence of personal and corporate actions from numerous stakeholders including Shareholders, Employees, Competitors, Creditors, Regulators, Customers, or Liquidators and Administrators.
Whether you are a director of a private company or a publicly listed company, Directors and Officers have the same governance & regulatory exposures. In the current economic environment, not only do companies and their directors face increasing regulatory surveillance of their business activities, but the risk of employee claims such as unfair dismissal is heightened.
Although you may consider that an allegation against the company or its directors is completely baseless or without merit, without insurance you leave yourself exposed to expensive and time consuming litigation to successfully defend any allegation.
Management Liability Insurance covers both the company and its directors in this regard. The key elements to the cover are as follows:
Employment Practices Liability:
Covers the Company for claims alleging an Employment breach including bullying, wrongful dismissal, discrimination, harassment, deprivation of career opportunity, breach of contract etc.
Crime / Fidelity:
Covers direct financial loss caused by dishonest acts resulting in Loss of Money, Securities or other Tangible Property owned by the Company or in their care custody & control or for which the Company is legally liable.
Covers penalties which an organisation is required to pay by reason of an order of any Regulatory Authority such as those arising from Occupational Health and Safety breaches.
Covers the Company for a claim against the entity alleging wrongful acts.
Directors & Officers:
Covers the Directors & Officers for any claim alleging a Wrongful Act (negligence, breach of duty, misrepresentation) by a Director or Officer.
Professional fees incurred in responding to an ATO Audit on the Company's behalf.
Management Liability Insurance premiums are determined by your Occupation, Employee numbers and Turnover and all insurers charge a minimum premium in this regard.
We believe we have negotiated highly competitive Management Liability Insurance premiums, and will continue to monitor premium levels available in the market to ensure this remains the case.
Premiums vary between states as a result of differing stamp duty rates, however our minimum Total Premiums for Management Liability Insurance ($1M cover) start from $1,527 (incl. GST).
From a corporate governance perspective and for your own protection you should consider having a Management Liability Insurance Policy in place. This will protect you from any claim made against the company or its directors, whether by employees or third parties. You can view examples of claims scenarios covered by Management Liability Insurance policies.
We have designed the Insurance application process so it only takes an average of 5 minutes to complete your application. In most cases your application will be instantly approved online, and you can print your Confirmation of Insurance to prove that you have the requisite cover in place... It's that easy!! All other documentation, such as your tax invoice, policy schedule and wording will be emailed directly to you for your records.
If the policy can't be issued immediately because we require further information, we will contact you generally on the same day.
Approximately one month prior to the renewal of your policy you will receive a renewal reminder email with a link that will allow you to review your previous years cover and renew the policy even quicker!
* We have minimized the number of referral situations so that most applications will be automatically accepted. However, if for example you have prior claims we will contact you to facilitate completion of your application personally with the Insurer.
Arch Underwriting at Lloyd's (Australia) Pty Ltd is one of a new breed of Lloyd's service companies offering direct local access to Lloyd's security via Arch Syndicate 2012.
Arch Underwriting at Lloyd's (Australia) Pty Ltd is a wholly owned subsidiary of Arch Underwriting at Lloyd's Ltd, the London-based managers of Syndicate 2012. Our experienced team in Sydney and Melbourne are available to assist clients with flexible solutions to meet their specific needs.
Arch current Financial Strength Ratings are as follows:
Standard & Poor's - A+
A M Best - A+
Moody's - A2
Fitch - A+
Red Dust is a Health Promotion organisation that delivers innovative health promotion programs in partnership with remote communities. The Healthy Living Program encourages Indigenous youth to learn more about health and inspire them to live a healthy lifestyle.
Health is a basic human right and is essential to the social development of Indigenous people in remote communities. Health promotion strategies improve and transform lives and have a sustainable impact on social, economic and environmental conditions. Health promotion is a practical approach to achieving greater equity and closing the gap.
We will work with you to ensure that claims are handled in a professional manner and that you get a fair outcome from the Insurer.
Please refer to our claim notification procedure.