As an Officer of a Residents’ Management Company, you have many legal responsibilities and may be held personally liable for any decisions or actions taken whilst working in your position as a director or and officer. Here at Flat Living Insurance, we recommend taking out Director’s Liability Insurance to protect yourself and any other directors or officers against the cost of potential compensation claims against any alleged wrongful acts.
Although they do their work voluntarily, directors and officers of Residential Management Companies are seen a legally liable for any decisions taken on behalf of their company. Further still, directors and officers are liable as individuals, meaning their personal assets could come into play should any legal action be taken against them.
Directors & Officers Liability Insurance protects directors and officers against claims arising as a result of:
Negligent acts, errors or omissions
Misstatement or misleading statements
Breach of duty
Breach of authority
As well as covering legal costs and emergency defence costs, this cover also extends towards the entity company itself (i.e. the Residents’ Management Company or the Right to Manage Company) or anybody named in the proceedings, ensuring incredibly comprehensive cover for those managing blocks of flats.
You can protect yourself and your other directors from only £90 + Insurance Premium Tax.
Click here to get a quote.
Corporate Legal Liability Insurance
Our comprehensive policy with AVIVA Insurance also provides Corporate Legal Liability, giving your directors and your Company the protection you need.
Our Corporate Liability Insurance policy protects your Residents’ Management Company against the financial consequences of potential claims. This includes the cost of defence, as well as the amount of awards and damages resulting from any claims made against the Company.
Our AVIVA Legal Liability Insurance policy automatically includes an indemnity limit of £100,000. However, if you would like quotes on alternative limits of indemnity, please call us on 0333 577 2044.