OAMPS Laser Risk Management

Directors and Officers Liability Insurance

Participation in sport results in risks which are unique to that industry; insurance is a product which plays an important role in managing those risks. However, an insurance policy which has been written predominantly for a retail business or a factory, for example, will not necessarily be appropriate for a sporting body. It is extremely important that insurance purchased by a sporting organisation is specifically designed to cover the inherent risks of that sport.

OAMPS Laser’s role as risk management advisers and insurance brokers is to, in association with the sport, identify the risks to which the sport is exposed and determine how these risks are best managed. Where it is determined that an insurance safety net is required to help manage an identified risk we determine the insurance wordings which are appropriate to assist in this regard. This can involve tailoring the insurance wording to fit the requirements of the sport rather than purchasing an “off the shelf” product.

Directors and Officers Liability insurance should be considered as part of the program.

Directors and Officers insurance indemnifies the Directors, Committee members, Trustees, Executive Officers and any other Officers of the sport against “wrongful acts” committed in their respective capacities within the sport, but excluding any claim made which in any way involves injury, sickness, disease or death of any person, or damage to property.

“Wrongful Acts” includes breach of trust, breach of duty, neglect, error and omission.

Extensions which should be considered include:-

Libel and Slander	Breach of Contract
Loss of Documents	Advance Payment of Defence Costs
Fraud and Dishonesty of Employees	Consultants, Subcontractors and Agents
Fidelity	Occupational Health & Safety
Automatic Reinstatement	Intellectual Property
Trade Practices & Related Legislation	Joint Venture Liability
Entity Cover	Outgoing Principles
Newly Created or Acquired Entity	Severability & Non - Imputation
Continuous Cover	Official Investigations & Inquiries
Estates & Legal Representatives	Insured V’s Insured
Committees	Employer Practices Liability

It is important to note that insurance terms, conditions and exclusions vary from insurer to insurer. It is extremely important that the policy benefits and exclusions are understood and considered carefully in making a decision on the purchase of a policy. Expertise is required to ensure that the appropriate cover is provided, therefore professional advice is essential. The importance of reading and understanding the policy document, giving particular attention to the exclusions, cannot be overstated.

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