Willis Towers Watson
Overview
Management liability
What is it?
Management Liability insurance is designed to protect senior managers, particularly those at Limited Liability Partnerships LLP's.
A standard policy will usually cover the following:

– Outside directorship liability for positions on the board of any not-for-profit
   organisation or any company in which the policyholder owns up to 50%
   of the voting shares. Other outside directorships may be added to the policy
   upon specific request.
– Shadow directorship liability
– Cover for limited liability partnerships
– Defence costs for criminal prosecutions
– Costs and expenses for administrative or regulatory investigations brought
   against individual insureds
– Costs and expenses of individual insureds arising from an official
   investigation of the insured's business
– Costs and expenses of partnership entity and individual insureds following
   investigations by regulatory bodies
– Defence costs in respect of insolvency
– Automatic 12 month discovery period for individual insureds who have
   left or retired
– Advancement of defence costs
Who should consider buying this insurance?
Members of an LLP and in particular, 'designated members', carry additional management responsibilities which are similar to directors of limited companies, such as statutory reporting.

Potential claimants can include; the LLP itself, third parties such as regulators and, in certain circumstances, the members themselves.
How do we add value?
Our Professional Indemnity team are experienced in dealing with the specific issues addressed by Management Liability insurance. The team takes the time to understand our clients business, ensuring that the tailored solution proposed meets their needs.

We have a number of core initiatives which provide tangible value to our clients' risk management process including:
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