The Costs
The most important underwriting factors that will affect the availability of cover and the price are:
- The company's age and recent financial health
- The company's business activities
- The geographical locations in which the company is located.
All types of corporate entities can be catered for and a policy that provides £1m of cover for defence costs and awards which can be shared by all directors can cost as little at £500 per year.
In addition to providing cover for the directors, the policy can be extended to provide cover for the entity should it be pursued in areas such as employment litigation, corporate manslaughter and data security.
Finally, cover can be extended to cover other management liability exposures such as company pensions and other employee benefit plans, crime and employee kidnap and extortion.