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Directors and officers liability insurance for bribery and corruption

09/18/2021

Australia is taking steps to strengthen anti-bribery laws, which had previously been criticised as being ineffective, inadequate and under enforced.

Companies implicated in bribery and corruption here or abroad are at risk of prosecution. Reflecting the increasingly borderless world in which companies operate, regulators around the world are collaborating and sharing information as part of a global effort to apply greater scrutiny on the way companies and individuals behave.

The heightened focus makes it ever more critical that companies put in place procedures to identify bribery and corruption risks. They must also implement systems to address those risks and discourage illegal behaviour.

This paper examines the extent of cover available under a directors and officers (D&O) liability policy for a bribery and corruption event.

Directors and officers liability insurance for bribery and corruption

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“Marsh Pty Ltd (ABN 86 004 651 512, AFSL 238983) (“Marsh”) arrange this insurance and is not the insurer. The Discretionary Trust Arrangement is issued by the Trustee, JLT Group Services Pty Ltd (ABN 26 004 485 214, AFSL 417964) (“JGS”). JGS is part of the Marsh group of companies. Any advice in relation to the Discretionary Trust Arrangement is provided by JLT Risk Solutions Pty Ltd (ABN 69 009 098 864, AFSL 226827) which is a related entity of Marsh. The cover provided by the Discretionary Trust Arrangement is subject to the Trustee’s discretion and/or the relevant policy terms, conditions and exclusions. This website contains general information, does not take into account your individual objectives, financial situation or needs and may not suit your personal circumstances. For full details of the terms, conditions and limitations of the covers and before making any decision about whether to acquire a product, refer to the specific policy wordings and/or Product Disclosure Statements available from JLT Risk Solutions on request. Full information can be found in the JLT Risk Solutions Financial Services Guide.”