Directors & Officers Circumstances & Claims

Claims on Directors & Officers Liability Insurance

Prompt Reporting

It is important that your insurers are notified as soon as you become aware of a claim or circumstances that might result in a claim.

The Benefits of Prompt Reporting include:

  • Insurers can immediately appoint solicitors to record relevant information which may be forgotten by the time a claim is made.
  • The claim can be managed by your insurers and their solicitors who are experienced in dealing with such matters.
  • Your business can continue with the minimum amount of disruption caused by the claim.
  • The matter may be resolved by the insured and the insurers before it proceeds to legal action.

Normal Practice

You must provide all necessary assistance to your insurers in the event of a claim.

You must never admit liability, settle a claim or incur any costs in with the claim without the written consent of your insurers. Your insurers are entitled at any time to take over and conduct the defence or settlement of any claim in your name.

For a full understanding of Directors' and Officers' liability insurance it is vital that the policy wording be examined and discussed with your advisers. This summary is not a definitive analysis of the insurance coverage and is given for general information purposes only.

Latest News

Will you lose the value of a Broker?

If you listen to the Podcast on this link you will here Robert Cooper explain to his Accountant why Small Business stands to lose if Insurance Brokers are not there to advise start up businesses and established businesses about the risks their occupation carries and how they can deal with them. Simply because they will not want to pay the fees that would be charged. Currently instead, Insurance Companies pay the Broker after the Insurance has been placed with them. Perhaps the premiums will appear a bit cheaper in the first year? Then they will question the fees an Insurance Broker puts on top and finds they can go to the Internet and obtain the same cover at the same price. However, they will not have the constant advice and claims advocacy that comes with an Insurance Broker. The big loser is definitely the Consumer as direct insurers give absolutely no advice, only price.

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Robert Cooper - one of 100 faces of small business

This week it was announced as part of Small Business Week,  that Robert has been named one of the 100 faces of small business for a State Government promotion on the great value that small businesses play in the State of Queensland.

You can see Robert's entry here:

It is the third accolade for CPR Insurance Services in a month and after seven and a half years in business is a real pep up for the company.

For Robert, it is the culmination of many years experience, becoming well qualified, experiencing the highs and lows of a career and always wanting to contribute to his community. Sometimes, these things just come together and you receive recognition for your efforts.

Robert says that there is no doubt that starting your own business is a huge challenge, but with the right research and planning, the right people around you and a good set of values that you apply to the vision of the company, you have a very good chance of making it all succeed.

Robert says he is lucky. He has a strong supportive Wife, Mandy, who is also part of the business, along with efficient and hard working staff such as Julia McLauchlan and Aidan Harmer who are building up their own skills in a learning environment. 

However, the most important and most supportive people for CPR Insurance Services are our clients who have stuck by us and supported us over the past seven years. Our focus remains on providing the best possible service we can and always acting in their best interests. To all our clients, we say thank you!

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