Legal Liabilities Directors and Officers Liability Insured Person


Any natural person who is or has been or who may become, during the Period of Insurance, a director or officer of The Association.


Limit of Indemnity


The maximum amount, stated in The Schedule, which We will pay in respect of any one Claim (including claimant’s costs and expenses and Defence Costs) and in total for all Claims first made during any one Period of Insurance.


But note that a series of Claims arising directly or indirectly from one source or originating cause shall be treated for all purposes as a single Claim.


Loss


Sums which any Insured Person is legally liable to pay in respect of any


(1) damages, compensation or other settlements (2) claimants’ costs and expenses (3) Defence Costs. Outside Entity


Any company or non-profit organisation which is in some way connected with The Association, but that is not included under the definition of The Association or Insured Person.


Outside Entity Director


Any Insured Person who was, is or may become at The Association’s specific request, or with The Association’s approval, a director, officer, trustee, governor or similar or position of an Outside Entity.


Period of Insurance


From the effective date until the expiry date stated in The Schedule. Pollution


Any contamination by naturally occurring or man-made substances, forces or organisms or any combination of them, whether permanent or transitory and however occurring.


Proposal


Any signed proposal form, renewal declaration, statement of fact and any additional information supplied by The Association or on The Association’s behalf.


Regulatory Proceedings


Investigation or enforcement proceedings commenced by official notice brought by a regulator empowered under statute against any Insured Person in their capacity as a director or officer of The Association.


Schedule


The document which specifies The Association’s details and details of the Excess, Limit of Indemnity and endorsements applying to this policy.


Subsidiary


Any organization in which The Association (1) holds more than 50% of the voting rights


(2) holds more than 50% of the issued share capital


(3) has the right to appoint or remove a majority of the board of directors.


Terrorism


Any act but not limited to (a) the use or threat of force or violence or


(b) harm or damage to life or to property (or the threat of such harm or damage) including but not limited to harm or damage by nuclear or chemical or biological or radiological means


caused or occasioned by any person or group(s) of persons, or so claimed, in whole or in part for political, religious, ideological or similar purposes.


The Association/The Insured The organisation named in The Schedule. Wrongful Act


Any actual or alleged


(1) breach of duty including fiduciary or statutory duty


(2) negligent act, error or omission (3) defamation (4) breach of warranty of authority (5) misstatement or misleading statement (6) wrongful trading (7) other wrongful act


committed by an Insured Person in their capacity as a director of The Association.


7


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15