Brexit insurance cover?
Well, the news has certainly been dominated by the UK’s decision to leave the European Union, so we suppose it was only a matter of time before Brexit found its way into insurance circles.
AIG has become the first insurer to launch a specific Brexit related cover by making available a new add-on to its directors’ and officers’ liability cover (D&O).
D&O insurance covers the cost of compensation claims made against your businesses key managers and directors for any alleged wrongful acts.
Typically, this would include items such as:
- Breach of trust
- Breach of duty
- Misleading statements
- Wrongful trading
- Neglect or errors
Such legal action could conceivably be brought against you by creditors or by regulators including Health and Safety bodies or the Office of Fair Trading. The cover would pay for the cost of any legal proceedings as well as for any compensation payments that were due at the end of the case.
Noting concern in many companies that some employees may lose their right to reside and work in the UK, D&O policies are being extended to cover the cost of any legal challenges that might arise as a result of the UK’s decision to leave the European Union.
If you are concerned about the impact of the Brexit vote on your business or insurances call us on 01273 789 979 or send us an email.