Private Companies, Not-For-Profit Entities, and Condominium Corporations
The responsibilities of directors and officers of not-for-profit organizations have become rather onerous in today’s environment where lawsuits are more frequent and awards are larger. Through the normal course of business, you may be sued for the wrongful termination of employees, wrongful failure to promote, and violations of employment discrimination laws.
Furthermore, over the last few years, directors and officers have come under much scrutiny by the public, employees, and regulators as a result of a number of scandals. In order to minimize and protect directors and officers against the risk of allegations of negligent or wrongful acts that may be brought by members, third parties, employees, etc., Marsh Canada has designed a Management Liability program to meet the insurance needs of the Canadian private sector. This program provides protection for directors and officers of companies/entities for damages and defense costs incurred in the event they are sued for wrongful acts while carrying out their duties. Protection is also afforded in the event employees bring an action against the company/entity or its directors and officers.
Who Will Benefit?
The Management Liability program is designed and targeted to:
- Private Canadian companies with gross sales of up to $200 million and total gross assets of up to $100 million
- Not-for-profit entities
- Condominium corporations
Why Buy This Product?
The Management Liability program presents a number of advantages which differentiates it from the many others available in the market and includes:
- Coverage that has been specifically designed to protect the organization/entity and its directors and officers and offers optional coverages such as Errors and Omissions, Fidelity Guarantee, and Fiduciary Liability
- Preferential rates allow for competitive pricing
- 24/7 claims reporting service throughout Canada with access to bilingual claims adjusters
- The Management Liability program was developed by Marsh whose size and worldwide presence brings significant risk advisory expertise and experience to assist you with your insurance needs
Our Management Liability program includes:
- A customized, claims made directors and officers liability policy including employment practices liability designed to protect the unique business needs of your organization and its directors
- Broad coverage with the option to include coverage for errors and omissions, fidelity guarantee, fiduciary liability, and loss of documents
- Coverage up to $10 million limit of liability
- 24/7 claims reporting service
- Short and user-friendly application with no requirement for financial statements