Directors and Officers Liability Insurance

B

Butter

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Just wondering if anyone has experience with arranging/purchasing Directors and Officers Liability Insurance for the directors of a management company?
Which insurance company/broker should I approach and do you have any idea of the costs involved?
Thanks!
 
Our Man. Co. took it out last year with our regular broker and the premium was 1300 Euros approx. This year we shopped around and got a quote for 850 euros from a different broker.
When we wne back to the original broker he said he would match that premium. I wanted to change but was outvoted by the Committee.
The cover is for 1 million Euro.
There are very few claims made on this type of insurance but it is very advisable to get it anyway.

If you want to send me a private message I will give you the name of the Broker who gave us the best premium
 
Our management company has had Directors & Officers cover for the last number of years and the premium is decreasing each year. For 2008/9 the amount was €856 and we have been quoted €728 for 2009/10.

Royal Sun & Alliance was the insurance company and Willis is our broker.

Yorrick- I agree with you completely- although there are few claims it is imperative that you are covered. This cover also gives comfort to future Directors and committee members of the management company- some are reluctant to become involved as they would be personally liable without this cover.

Hope this helps.
 
Thanks to both of you for the info - I agree about getting the insurance. I'm hoping that having it in place will help to encourage people to actually take on directors positions in our management company.
 
I'm wondering why a management company would take out this insurance?
 
Check out Robert Gogans excellent book on Apartmment Living. This will explain the need for the Insurance.
 
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