Allianz advises risk managers to check their D&O policies to ensure relevant coverage
Companies are not buying the right directors’ and officers’ (D&O) liability cover, according Allianz.
Nigel Brand, head of D&O liability at Allianz, advised risk managers at the Airmic conference last week to check their D&O policies to ensure they were covered for relevant risks.
“Does it do what it says on the tin?” Brand said. He said it was up to risk managers to tell brokers what they needed cover for and to ensure that the wording was clear.
Brand warned that D&O cover should be different for each and every company, but in many cases, brokers were still selling “a one size fits all” cover.
A trend within the D&O marketplace was the increased legal environment. Brand said: “Governments are pushing more onerous regulation.”
He added that the increased role of non-executive directors was increasing the demand for D&O insurance.
Another trend that Brand highlighted was the number of high-profile court cases involving directors such as the current Independent Insurance trial.