Directors & Officers

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What Is Directors & Officers Insurance?

Directors and Officers Liability Insurance is often called D&O Insurance, a specific type of liability insurance that covers a Company or Non-Profit organization, or individual Directors and Officers. The Insurance covers losses as a result of a legal action brought against an organization or its Officers for alleged wrongful acts in their capacity as Directors or Officers.

See Also:

Commercial General Liability
Errors & Omissions Insurance
Professional Liability Insurance
Cyber Insurance for Business
Malpractice Insurance
Business Interruption Insurance
Product Liability Insurance
Business Data Breach Coverage
Business Building Insurance
Office & Contents Insurance
Business Laptop & Equipment Coverage
Business Legal Protection Insurance
Commercial Auto Insurance

Directors and Officers Insurance in Ontario

Directors & Officers Insurance

Directors and Officers Liability Insurance is generally payable to the Directors and Officers of a company or non-profit organization itself as reimbursement for losses arising from defending against alleged legal action brought against the organization for activities conducted by the Directors and Officers specifically.  This coverage type can also be extended to include defence costs if there are criminal or regulatory investigations as well. Intentional illegal acts, however, are typically never covered by any insurance company under any specified D&O Insurance Policy.

Ask your CoverMarket Licensed Insurance Professional on how your insurer defines your business and whether it requires D&O Liability Insurance. Some non-profit organizations may be members of professional bodies or regulators that demand they hold a certain amount of D&O Insurance.

You can buy your Directors & Officers Insurance as part of a flexible and tailored insurance solution, combining it with other coverages such as Commercial General Liability.

Director & Officers Frequently Asked Questions

Directors & Officers Insurance In Canada is usually purchased by medium to large incorporated companies as well as non-profit organizations.

Do I Need D&O?

 D&O Insurance is an essential coverage for companies and non-profit organizations as it is a significant part of Corporate Governance and the Fiduciary Duty of the Directors and Officers to Shareholders and other Beneficiaries. Because it is a strategic component of Corporate Indemnification, we highly recommend that every Business or non-profit organization of significant size have a D&O Insurance Policy. CoverMarket Licensed Insurance Professionals will be able to help you find the right coverage that meets the needs of your organization.

How Much D&O Do I Need?

It depends on the nature and size of your business or non-profit organization; you may need more than the minimum level of coverage. By going online and using the CoverMarket Get A Quote app as well as speaking to a Licensed Insurance Professional, you can find out exactly how much coverage your business requires.

Is D&O Required by Law?

Although D&O is not compulsory under Canada law, it is usually required as it plays an essential part in regular corporate governance risk mitigation. It’s generally best to have some level of coverage even if your business or non-profit organization isn’t required to have D&O.

Proof of Insurance Required?

At times you may be required to provide proof that your business has the required insurance coverage. This often happens when your business is contracting with a client or government organization. Usually, evidence of D&O Insurance coverage is necessary during Merger and Acquisition discussions and or negotiation.

How Do I Compare D&O Quotes?

CoverMarket can run a quote comparison across a range of insurance companies in Canada and connect you with a Licensed Insurance Professional that can provide tailored advice and multiple Directors & Officers Insurance quotes to find the insurance policy that fits your organizations’ needs.

Directors & Officers Coverage Features

Typical Directors & Officers coverages include:

  • Financial Loss
  • Defence Costs

This is just a short summary and can be tailored to your business needs by starting the quote process.

Big or small your business is at risk. Protect your business from lawsuits caused by accidents on your business premises or day to day operations and products.

Number of Legal Disputes Increasing

A survey of lawyers conducted by leading Canadian business Advisory firm GrantThornton on whether they expect a change in the volume of legal disputes in 2018:

“54% of lawyers expect the number of legal disputes in which they are involved to increase in the next year while only 11% of laywers predict a decline in litigation” – GrantThornton 2018 Litigation Survey Report

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