Manager liability / D & O insurance
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More information about Manager liability / D & O insurance
Security for managers
Who decides, sticks. High costs due to incorrect purchase, product withdrawal due to incorrect assessment of the market, violation of tax or competition law, financial loss due to misappropriation of an employee, etc. Managers have to hold their heads high for their decisions. Now more than ever.
The D & O insurance can best be described as professional liability insurance for management and supervisory bodies. It covers the entire activity of this group of persons as organs of a company. As a combination of legal protection and directors’ liability insurance, it protects the insured company leaders several times.
Your benefits at a glance strong>
Examination of the factual and legal situation by experts
Defense against unfounded claims
Management and assumption of the costs of a legal dispute
Why is this insurance important to you? strong>
More and more managers and supervisory boards in Germany are being held accountable for any undesirable developments in their companies. To make matters worse, new laws make the liability situation for business leaders significantly worse.
Leadership positions in companies involve enormous risks. In the case of occupational mistakes, the damages often amount to millions – and directors, supervisory board members or board members are then fully liable with their entire private assets. In order for the professional risk does not become a personal, managers have to provide financial backing – with a D & 0 insurance.
Who is insured? strong>
All former, present and future members of the Management Board, the Management Board, the Supervisory Board, the Board of Directors or the Advisory Board can be insured for their representatives, de facto members, executives and compliance officers of a company, as well as general representatives, customs officers and registered partners.
What is insured? strong>
Insurance cover covers all activities as a member of one of these committees: Executive Board, Management Board, Supervisory Board and Advisory Board *.
* see: Who is insured?
The insurer assumes the examination of the factual and legal situation, the exemption of justified claims and defends unfounded. This includes the management and assumption of the costs of a legal dispute.
Claims options: strong>
the acquisition of an inappropriate computer system requires costly rework
Due to insufficient market analysis, the production of hard-to-sell products is initiated
The outsourcing of functions leads to additional taxation
Other interesting questions about the D & O insurance strong>
Who is the policyholder?
Who is insured?
Insured are all managers of a company: supervisory boards (advisory boards), GmbH managing directors and board members *.
* see: Who is insured?
What is covered?
Covered is a financial loss that was caused culpably.
What does D & O insurance do?
It defends against unjustified claims, satisfies the legitimate and covers the costs of the defense.
What is the sum insured?
It depends u.a. of the balance sheet total and the turnover of a company.
For further questions, the following literature is available: strong>
Thümmel, Roderich: “Personal Liability of Managers and Supervisory Boards”, Stuttgart 2008
Ihlas, Horst: “D & O: Directors & Officers Liability”, Berlin 2009
Schimmer, Dieter, Allianz Versicherungs-AG: “The Liability of the Management Board and the Supervisory Board of the Aktiengesellschaft in Germany” in “Managerhaftung” (18th volume of the series of publications of the European Bar Association DACH), 2002
Schimmer, Dieter, Allianz Versicherungs-AG: “D & O insurance and managerial liability in Germany” in “manager liability” (18th volume of the series of publications of the European Bar Association DACH), 2002
Barzen Carola, Brahmin Harald, Braun Marcel-Patrik: “D & O insurance for corporations (liability risks of the management and their cover)”, Karlsruhe 2003
Patzina, Bank, Schimmer, Simon-Widmann: “Liability of corporate bodies, executive boards, supervisory boards, managing directors”, Munich 2010