Park Owners Insurance
Directors Liability
Directors and officers of park businesses have various duties, responsibilities and powers in connection with their position. In most cases these are set out in a job description or terms of reference. As a result they can be held responsible for a range of issues including:
- Health and safety
- Data protection
- Maintaining satisfactory accounts
- Fraud
- Negligence
If your park business directors or officers are found to have inadvertently acted outside their terms of reference and this gives rise to a claim, then any compensation and legal fees will be covered by directors' and officers' liability insurance. If the act was deliberate, then it may not be covered by the policy. It is important to have cover to protect your companys directors and officers from being sued. Below are some examples where claims could be made against you:
- Companies Act 2006 (hundreds of possible areas of non compliance)
- Investigation expenses
- Corporate manslaughter
- Pollution
- Former directors and non-executives
- Mergers and acquisitions
- Health and safety at work
- Data Protection Act
- Disability Discrimination Act
- Racial, sexual and age discrimination
- Insolvency Act
- E.U. directives and regulations
- Consumer protection
Many directors run the risk of the above even if they do not have director as a title. It is incorrect to think that directors have limited liability and that the company will indemnify you instead. It is also incorrect to think that your personal assets are protected. The law permits directors to be able to protect and insure themselves against any liability for negligence, default, breach of duty, and breach of trust. This can include insurance for criminal proceedings that may be brought against a director or officer of a company.
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