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Corporate Officers Civil Liability

DIRECTORS

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Protect directors’ personal assets and cover defense costs and any damages.

Directors (whether they have been formally appointed in law or simply fulfil the role on a de facto basis) are increasingly exposed and can be held liable by a number of bodies and individuals, including:

  • Banks (for shortfalls in assets, etc.)
  • Employees (for harassment, discrimination, etc.)
  • Shareholders (for non-compliance with the articles of association, “risky” investments, etc.)
  • Creditors (URSSAF, suppliers, etc.)

The ever-increasing complexity of regulations puts directors at risk of committing an offence “daily” and leaves them in a vulnerable position.

Directors’ civil liability insurance provides cover for financial costs and assistance if they face legal proceedings.

Some examples of claims

  • After a company is made insolvent, the expert assessment required by the liquidator reveals inaccuracies in the accounts and some major anomalies.
    Director’s defense costs €17,200.
    Damages €382,000.
  • A competitor who has lost several contracts brings a case in the Commercial Court for anticompetitive practices and favoritism against the business and its director.
    Director’s defense costs €37,400.
  • Following a serious accident at work, the director is summoned to the Criminal Court.
    Director’s defense costs €11,000.

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