Trustees, Directors and Officers Insurance

Trustees, Directors and Officers Insurance

Members of your management committee or board carry ultimate responsibility for the organisation. At the end of the day, if anything goes wrong they carry the can.

As volunteers, many will feel they want the security of insurance cover. It will protect the members of your management committee or board – whether they’re called trustees, committee members or directors.

Applying for Trustees, Directors and Officers Insurance through AdviceUK

Applying for our trustees, directors and officers insurance couldn’t be easier. We will work to make the process as smooth and easy for you as we can. It is our job to make sure that you get the right insurance product for you in a manner that is timely, efficient and friendly. If any of the information here doesn’t make sense, or you would like to discuss your personal circumstances you can call us on 0300 777 0106 or email us at insurance@adviceuk.org.uk

Below you will find a brief summary of the policy. Please remember that this is not the full wording which can be downloaded from the members’ application page or emailed to you.

The VCS policy through AdviceUK offers:

Directors & Officers Liability

To cover the cost of any claim made against an individual for any wrongful act committed in the role of trustee, officer or director. The definition of a wrongful act is actual or alleged breach of duty, breach of trust, misstatement, misrepresentation, omission or breach of warranty of authority, libel or slander.

Defence Costs

To cover fees, costs, charges and expenses incurred as a result of an investigation, defense and negotiation of any claim. Such defense costs can be advanced prior to the final settlement of the claim.

Benefits of the policy have also been extended to include:

Representation at Investigations and Examinations

The policy will provide cover for any reasonable and necessary fees incurred if any insured person is legally required to attend any regulatory or other official investigation, examination or enquiry.

Heirs, Estates and Legal Representatives

If an insured dies or becomes incompetent, insolvent or bankrupt, the policy will cover loss arising from claims made against the insured’s estate, heirs or legal representatives for any wrongful act carried out by the insured in their capacity as such.

Joint Property Liability

The policy will also cover claims made against the lawful spouse resulting from wrongful acts of an insured person, including damages recoverable from marital community property or property jointly held by the insured and the spouse.

Level of Indemnity

You can opt for indemnity of £250,000, £500,000 or £1,000,000 aggregate. We can also obtain quotes for higher levels of indemnity. The level of indemnity you choose is the total amount you can claim during any one insurance year.

Policy Term and Premiums

This insurance policy has a fixed term of one year commencing 1st April and expiring 31st March the following year, so at whatever point in the year your organisation subscribes to the policy, your cover will expire on the following 31st March. Centres joining mid-term pay a reduced premium.The premiums are based on the annual income of your organisation.

Are there any restrictions on which organisations can apply for this policy?

Any advice centre can apply for trustees, directors and officers insurance through AdviceUK. It is our duty to carry out a demands and requirements assessment for you so that we can accurately assess whether or not the insurance products we arrange are right for you. Only at that point would we be in a position to provide a quote.

You do not have to be a member of AdviceUK to apply for our trustees, directors and officers insurance, although members do enjoy discounts on the premium.

What’s Next?

You can find the TDO proposal form, policy wording and terms of business on this page. If you are interested in taking up insurance through us please fill in the proposal form and email  it to us now for a quote at insurance@adviceuk.org.uk.

This insurance is provided by VCS Insurance, in which AdviceUK holds a majority share.

If you would like to know more, we would be delighted to hear from you.

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