Directors and Officers Liability
Opportunities
The Directors and Officers Liability market can be broken down into a number of key segments that have different characteristics and offer different opportunities for selling Directors and Officers Liability insurance.
Residents Association
Profile
Limited companies set up by the owners for the running and maintenance of residential property.
Segment Characteristics
There are many thousands of residents associations in the UK. These are set up, usually by owner-occupiers, to oversee the maintenance of a property and prioritise expenditure.
Individual members of residents associations can be held personally liable for decisions made when performing duties on behalf of the residents association.
Opportunities
Awareness of cover and potential litigation is low. Low cost add-on to residential property policies.
Small Business
Profile
Private limited companies with a turnover up to £1,000,000.
Segment Characteristics
Small businesses comprising limited companies. Many directors in this sector are unaware that they are personally liable for actions that they take in the course of their duties.
Opportunities
Opportunity to provide advice to this sector and sell protection for a risk which is often uninsured due to lack of awareness.
Medium sized businesses
Profile
Typically private limited companies with a turnover from £1,000,000 to £100,000,000. They range from family run businesses to national companies with a regional focus.
Segment Characteristics
Directors in this segment will be more risk aware and will usually already purchase the cover.
Opportunities
Existing purchaser and therefore opportunity to advise on extent of cover and limits.
Multi-national Corporations
Profile
Public Limited Companies with a global presence.
Segment Characteristics
This sector will be very risk aware and will purchase cover to very high indemnity limits.
Opportunities
This will already be a vital part of their insurance programme. Norwich Union are however unable to provide a quotation for plc’s.
If you would like to know more about how we can help or have any opportunities to explore, speak to your Norwich Union Account Manager or contact us directly.
