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BeazleyManagement Liability
Specialist management liability protection for non-US domiciled
organisations.
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Holding a senior position in an organisation is a great honour.
But with it comes responsibility. The consequences of getting
things wrong can be catastrophic for the organisation concerned and
any individual accused or found liable.
From new flexible forms of employment to the growing risk of
data breaches, the risks are constantly changing, leaving
individuals increasingly vulnerable.
We have designed our management liability cover to give
organisations and their officers confidence that they are protected
from the range of related risks faced in the modern world. This
market leading range of covers includes:
• Directors & officers liability• Public offering of
securities• Employment practices liability• Pension trustee
liability.
Our specialist team has extensive management liability
experience and, as you would expect from Beazley, they have created
beautifully designed policy wordings with clear and concise
language which is consistent across all the policies.
The decision by the UK to leave the European Union has created a
period of uncertainty until the exit negotiations conclude.
Businesses, however, must be able to operate and compete for talent
in an international market safe in the knowledge that they are
protected from a change in the rules affecting the movement of
labour. These critical needs have been incorporated into our range
of cover – from costs associated with a permanent residency
rejection or challenging a repatriation, to those resulting from a
company making errors in visa paperwork.
And as a pioneer in the field of cyber insurance our management
liability policies include affirmative data breach cover.
BeazleyManagementLiability
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Directors & officersCorporate governance reforms across the
world in recent years have added significantly to the
responsibilities of executive and non-executive directors of
companies. The legal landscape senior corporate individuals must
navigate is therefore increasingly fraught with twists and
turns.
They understandably look for robust insurance cover to protect
them in the execution of their responsibilities. Beazley has
designed clear insurance to give directors and officers confidence
that they have comprehensive protection against claims arising from
actions taken in their corporate roles.
Protection for directors and officers, as well as other
individuals, including coverage for:• Regulatory and internal
investigations• Data breach• Environmental claims• Health and
safety claims• Insolvency hearings• Extradition, permanent
residency and repatriation• Damage to reputation• Freezing of
assets and disqualification• Full limit mitigation costs cover •
Automatic reinstatement of limit for non-indemnifiable loss• Limits
up to US$25m.
Protection for the company, including costs relating to:•
Payments made to indemnify individuals • Securities claims •
Regulatory and internal investigations• Books and records demands•
Derivative demands • Global Dutch securities settlement advice•
Limits up to US$25m.
BeazleyManagementLiability
Public offering of securitiesThe raising of capital typically
heralds the dawn of a new period of opportunity for a business.
However the process associated with a public offering of securities
can be complex and prone to unexpected issues. To give reassurance
to organisations embarking on this road we have designed bespoke
cover, including costs associated with:
• Claims made against: – insured individuals – the company –
controlling shareholders – selling shareholders.
• Underwriter indemnity
• Follow-on offering claims
• Regulatory and internal investigations
• In relation to insured persons: – data breach – damage to
reputation – full limit mitigation costs cover.
• In relation to the company, global Dutch securities settlement
advice.
• Limits up to US$25m.
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Employment practicesAt 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, the potential for getting things wrong is great.
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 the implications are
established of non-standard forms of working becoming more
prevalent, such as zero hours contracts and freelancing.
To help employers cope, Beazley has developed an employment
practices insurance that addresses emerging exposures as well as
traditional ones, including:
• Regulatory costs• Cyber bullying • Immigration assistance•
Data breach
BeazleyManagementLiability
Pension trustees We have developed insurance to protect the
plan, its trustees and the associated company for any related
indemnity that they provide. Cover includes:
• Regulatory costs• Data breach• Contribution notices•
Extradition and repatriation• Foreign jurisdiction liberalisation•
Full limit mitigation costs cover• Damage to reputation• Freezing
of assets and disqualification• Limits up to US$25m.
CrimeIn 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 any one claim basis (up to £10m) •
Forgery and counterfeiting • Fund transfer fraud • Physical loss
of, or damage to, property • Extortion • Computer malware •
Corporate identity fraud • Contractual penalties • Flexible
retention levels • Limits up to US$25m.
• Sensitivity training • Joint venture loss • Third party
claims• Limits up to US$25m.
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The cyber challenge It is all too easy to think of data breach
as a single risk facing an organisation. The reality is that it
constitutes a whole range of risks and the prevalence of each
change over time.
Beazley pioneered the development of data breach related
insurance and, as a market leader in the field, we have helped
clients handle over 5,000 data breaches since 2009. As illustrated
in the following two snapshots, our experience provides a valuable
insight into the challenges faced by organisations and their
officers in preparing for, and dealing with, the changing nature of
incidents:
• Ransomware attacks were over four times more numerous in 2016
than in 2015.
• Unintended disclosure, most often emails or faxes sent to the
wrong recipient, represented 32% of breaches in 2016, up from 24%
in 2015.
Source: Beazley breach insights
Our international management liability policies include data
breach cover as standard.
Target marketA wide range of non-financial organisations can
benefit from the cover.
TerritoriesWorldwide (excluding United States domiciled
organisations).
BeazleyManagementLiability
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www.beazley.com
BeazleyManagementLiability Beazley GroupPlantation Place South60
Great Tower StreetLondon EC3R 5ADUnited Kingdom
T +44 (0)20 7667 0623 F +44 (0)20 7674 7100
CBSL
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The descriptions contained in this communication are for broker
preliminary informational purposes only. Coverages are underwritten
by Beazley syndicates at Lloyd’s and will vary depending on
individual country law requirements and may be unavailable in some
countries. The exact coverage afforded by the products described in
this brochure are subject to and governed by the terms and
conditions of each policy issued.
Contact usYou can learn more about how Beazley can help with the
management liability insurance needs of non-US domiciled
organisations by contacting a member of our specialist team:
Catherina MacCabe International management liability focus group
leader T +44 (0)20 7674 7775 [email protected]
Tom Ielapi Underwriter T +44 (0)20 7674 7131
[email protected]
Emma Pereira Underwriter T +44 (0)20 7674 7159
[email protected]
Tracy Holm Focus group leader – Financial lines claims T +44
(0)20 7674 7294 [email protected]
Carl Puttock Underwriter T +44 (0)20 7674 7791
[email protected]
Steve Jennings Underwriter T +44 (0)20 7667 0698
[email protected]
Joanne Hayward Underwriter T +44 (0)20 7674 7022
[email protected]
