Insurance for Directors & Officers

Coverage to protect organization from lawsuits and associated legal costs

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Directors & Officers Liability Insurance
in British Columbia

Widely known as D&O insurance or Professional Liability, Directors & Officers insurance is designed to protect organizations from lawsuits and associated legal costs. Coverage is available for both for-profit and not-for-profit organizations.

Directors and Officers have a personal stake in ensuring that the corporation they serve operates within the law, regulations, and statutes that govern corporate behaviour.

In BC and throughout Canada, corporate laws and statutes have built-in penalties and strict liability provisions for Directors and Officers. These laws were created specifically to pierce the corporate veil, to provide accountability of certain key individuals within organizations while providing an incentive for fair corporate governance.

Directors and Officers Duties:

Directors and Officers have a responsibility to exercise due diligence in overseeing the management of the organization that they serve. They are required to act in good faith and in the best interest of the organization. In summary, Directors and Officers have 3 basic duties:

Illustration of duty of diligence and care for directors liability insurance

Duty of Diligence and Care

To act reasonably and in good faith to ensure all of the company’s best interests are put first.

Illustration of duty of loyalty for directors liability insurance

Duty of Loyalty

To ensure they always put the interest of the company before their own.

Illustration of duty of obedience in Directors Liability Insurance

Duty of Obedience

To adhere to all applicable governance and bylaws in all actions as Directors and Officers.

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Additional Applications for D&O Insurance

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Public Policy Exclusions
Contractual Liability
Conduct (Fraud & Dishonesty)
Entity Security Coverage
Underwriting Exclusions
Spousal Liability
Major Shareholder Exclusion
Spousal Liability
Pending and Prior Litigation Exclusion
Extended Reporting Period
Employment Practices Liability
Pollution Extension
Defense Costs Allocation

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Frequently asked Questions

How much does Directors & Officers Insurance Cost in BC?

A Directors and Officers Liability policy is not nearly as expensive as people think. Depending on the roles the Directors and/or Officers are required to fulfill, a policy can start as low as $400 annually. Please contact one of our 90 locations for a free, no-obligation quote for D&O insurance.

What types of risks does D&O liability protect against?

D&O policies typically cover negligence related claims against individual directors and officers related to financial loss caused by mismanagement, errors in judgement etc., libel/slander claims arising out of publications made within the scope of their corporate role; breach fiduciary duty claim which arise when there has been a failure by the insured person(s) to carry out their legal duties; securities litigation claiming that false information was given to the public through a press release or other form of announcement; and wrongful employment practices such as breach of contract, discrimination, sexual harassment etc.

When should I get D&O insurance?

As soon as you become a director or officer in a business, it’s important to consider getting this coverage. In some industries such as finance or health care organizations are required by law to have certain levels of D&O insurance in order to operate.

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