Directors’ and Officers’ Liability insurance (D&O insurance) is designed to protect directors and personnel involved in the management of a company from claims arising from decisions and actions taken in performing their duties on behalf of the company.
It is fairly typical for D&O insurance cover to group directors and management together, despite differing roles and responsibilities and involvement in day-to-day decision making.
Directors face a broad scope of potential liabilities, including under the Corporations Act 2001 (Cth) (Corporations Act), the State Associations Incorporation Acts and the Australian Charities and Not-for profits Commission Act 2012 (Cth) (ACNC Act); occupational health and safety laws (including industrial manslaughter); employment laws (including anti-discrimination and harassment and defamation); tax (such as unpaid PAYE and GST); consumer protection legislation (such as anti-competitive behaviour); and sector specific regulation. New risks continue to emerge such as cyber, modern slavery and climate change.
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