With so many insurance options out there, it can be hard to know which ones are right for you and your housing co-operative. How do you know which ones will provide value for money?
In this article, One Broker’s Phil Smith explores why you should consider Directors’ & Officers’ Insurance and explains the benefits for you and your housing co-operative.
Why do I need D&O cover?
If you’re a person of responsibility within a housing co-operative, it’s likely you have numerous legal obligations when it comes to managing your properties. For instance:
- Gas Safety
- Fire Safety
- Energy Performance Certificates (EPCs)
- Deposits protection
- Payment of rent/administration fees
- Electrical inspections
- Carbon monoxide safety
- Legionella assessments
- Illegal eviction/harassment cases
- Maintenance
- To name a few…
Failure to comply with your legal requirements could be catastrophic. As a consequence, you could be sued – personally – for death, injuries or financial loss suffered by your tenants as a result of negligence.
That’s where your D&O policy comes in.
How will a D&O policy protect me?
Directors’ & Officers’ (D&O) Insurance is also known as Trustees’ Insurance. If there’s an accusation that something isn’t quite right, perhaps a question over finances, decision-making or your specific activities, you may be held personally responsible. Whether you’re a trustee, officer or committee member, it puts you at risk of having to settle claims out of your own pocket.
This insurance helps by picking up the tab for expert legal representation as well as any civil fines and compensation.
Employment practice liability (EPL)
It’s possible to add EPL coverage to your D&O policy. This covers defence costs and damages resulting from an actual or alleged “employment practices violation” brought by an employee, applicant or third party. It includes, but is not limited to, allegations of harassment (sexual or otherwise), discrimination, wrongful termination, libel, humiliation and slander.
Company legal liability (CLL)
As an addition to your D&O policy, CLL will give your housing co-operative access to financial protection in instances of civil litigation and regulatory investigation. The insurance will protect your co-operative against legal costs in defending allegations and damages.
Speak to One Broker today
Phil Smith at One Broker understands the broad and varied needs of housing co-operatives and can help you to arrange a D&O policy to suit your needs. Call 01223 949006 or email [email protected].
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One Broker is a trading style of One Broker (GDIS) Ltd. Authorised and regulated by the Financial Conduct Authority. Registered in England and Wales No 4688453. Registered Office: Lakeside 300, Old Chapel Way, Broadland Business Park, Norwich, Norfolk NR7 0WG