Consilium’s Professional and Executive Risk Solutions team has launched a new Independent Non-Executive Director (iNED) insurance solution, developed in partnership with Casper Specialty, a Lloyd’s-backed MGA.
Designed specifically around the needs of independent directors and other senior governance professionals, the solution provides dedicated Side A-only personal protection for the individual rather than the organisation.
Protection That Follows the Individual
An iNED can hold multiple board appointments across different organisations and sectors, with each role bringing its own responsibilities and potential exposures. That can make managing personal protection across a portfolio of appointments particularly complex. This solution provides continuity as those responsibilities change, giving the individual a consistent layer of protection across their wider board portfolio.
The policy can cover up to 50 entries as standard, automatically extends to new appointments and provides worldwide protection where permitted. It responds when an organisation cannot indemnify the individual - for example, following insolvency or regulatory restriction - and can also provide protection where an organisation’s directors & officers' liability cover is absent, exhausted or uncollectible at organisational level.
With limits from USD 500,000 to USD 5 million, pre-agreed pricing and nil retention, the policy gives the insured individual dedicated limits that are not shared with the organisation. It can also operate as primary or excess cover, providing an additional layer of protection around existing management liability arrangements.
Built for Board Level Risk
The responsibilities of directors and governance professionals continue to come under greater scrutiny. Regulatory expectations are increasing, board decisions are being more closely examined and individuals can face claims, investigations and regulatory proceedings arising from their professional duties.
That makes personal protection increasingly important, particularly for individuals with multiple appointments and a portfolio of board responsibilities. Supporting appointments across a broad range of organisations and sectors, including financial institutions, the solution is designed for:
It also provides a flexible approach to professional service exposure, allowing Independent Non Executive Directors dedicated personal protection that remains with them, rather than being tied to a single organisation.
If you hold multiple board appointments or have broader governance responsibilities, speak to the Consilium team to discover how our iNED solution can provide protection.
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