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    myBeazley

    Management liability on myBeazley

    Nicholas Tey

    Nicholas Tey

    Regional Manager - Asia

    Directors & Officers with the option to add Employment Practice Liability and/or Crime insurance.

    Corporate governance reforms across the world in recent years have added significantly to the responsibilities of directors of companies. The legal landscape senior corporate individuals must navigate is therefore fraught - ensuring that they stay compliant with complex regulation is increasingly challenging.

    They understandably look for robust insurance cover to protect them in the execution of their responsibilities. Beazley has designed insurance to give directors and officers confidence that they have comprehensive protection against claims arising from their actions taken in corporate roles.

    Protection for directors and officers, including the following coverages:

    • Limit of liability on an aggregate basis (up to US $10m)
    • Reinstatement of limit for insured persons
    • Regulatory and internal investigations
    • Data breach
    • Environmental claims
    • Health and safety claims
    • Insolvency hearings
    • Extradition
    • Damage to reputation
    • Freezing of assets and disqualification
    • Full limit mitigation costs cover
    • Flexible retention levels

    Protection for the company, including coverage for:

    • Limit of liability on an aggregate basis (up to US $10m)
    • Costs of claims and awards incurred by the company
    • Payments made to indemnify individuals
    • Regulatory investigations
    • Employee theft
    • Minimum retention of US $2,500.

    Introducing an innovative package that combines directors & officers with employment practice and crime cover

    Beazley directors & officers customers have the option to add crime and/or employment practice liability cover to create a seamless package.

    At Beazley we understand that employers constantly face new challenges and exposures as a result of a changing legal landscape and increasingly employee-friendly courts. From discrimination and harassment to health and safety responsibilities, there is a greater potential for breaking complex legislation. With the burden of proof typically on the employers, the impact can run beyond financial penalties and create deep reputational damage. The risks are only set to increase as non-standard forms of working becoming more prevalent, such as zero hours contracts and the equal pay act.

    To help employers cope, Beazley has developed an employment practices insurance that addresses emerging exposures as well as traditional ones, including:

    • Limit of liability on an aggregate basis (up to US $10m)
    • One time reinstatement of limit
    • Regulatory costs
    • Cyber bullying
    • Immigration assistance
    • Data breach
    • Sensitivity training
    • Joint venture loss
    • Third party claims
    • Standard retention of US $10,000

    In 1925 Victor Lustig audaciously posed as a French government official and persuaded metal dealer, Andre Poisson, to "purchase" the Eiffel Tower as scrap. Monsieur Poisson was so mortified when he discovered the deception that he kept quiet allowing Lustig to escape by train to Vienna with the cash.

    Nearly a century later con artists continue to ply their trade but they have embraced new means such as the increasing wave of social engineering attacks. These scams are just one example of the crimes that businesses must be on the guard against that originate from both within and outside the organisation. Even the most prepared can be vulnerable. In response we have created comprehensive crime insurance providing cover for both employee and third party crime along with growing threats such as social engineering. Cover also includes:

    • Limit of liability on an aggregate basis (up to US $10m)
    • One time reinstatement of limit
    • Forgery and counterfeiting
    • Fund transfer fraud
    • Social engineering fraud
    • Physical loss of, or damage to, property
    • Extortion
    • Computer malware
    • Corporate identity fraud
    • Contractual penalties
    • Flexible retention levels.

    These products are available on our myBeazley platform, which provides brokers with the ability to quote, buy and service a range of specialist insurance products for their clients at the touch of a button.

    By combining Beazley's expertise in specialist insurance with the simplicity of an award winning system, we have created a trading platform that is intuitive and easy to use.

    Find out more

    Target market

    A wide range of private commercial organisations with an annual turnover of up to US $200m can benefit from these covers on the myBeazley e-trading system. For those organisations with an annual turnover in excess of US $350m, we would be pleased to discuss Beazley's market leading management liability and cyber products designed specifically for larger businesses. The coverage contained on this web page is not intended for financial institutions for which we have designed a separate suite of products specific to their needs.  

    Territories

    Worldwide cover for Singapore and Hong Kong domiciled organisations.