Following the successful expansion of its management liability division, specialist lines underwriting agency, CFC, launched ExecSurance R&T.
ExecSurance R&T is designed to protect directors, officers and committee members that sit on the boards of residents and tenants associations against the broad range of personal liability exposures they face. Rather than simply adapting an existing D&O policy, CFC has provided full entity cover for the association and does not limit this to wrongful acts of the individuals managing the company. In addition, CFC has also removed the bodily injury, property damage and failure to maintain insurance exclusions all too frequently applied to this type of insurance.
Senior Management Liability Underwriter, Kate Lyes, comments: “Directors, officers and committee members that sit on the board of their residents and tenants association or management company are making key decisions on the running and maintenance of the buildings. These individuals, many volunteers, are leaving themselves personally exposed in an environment where the legal landscape is ever-changing and increasingly more litigious and complex.”
“ExecSurance R&T delivers a broad range of cover to protect these volunteers against the number of potentially unlimited liabilities they are exposed to. In addition to offering comprehensive cover for the management team against wrongful acts in the performance of their duties or the running of the residents and tenants association, ExecSurance R&T also indemnifies the organisation itself and therefore the sinking fund built up by residents and tenants over the years for the benefit of their property. ExecSurance R&T also helps to protect the association from civil, criminal or regulatory claims.”
In line with CFC’s full suite of products, ExecSurance R&T is a modular policy allowing brokers and their clients to pick and choose their basket of covers. Key features include:
Comprehensive individual cover
Association cover not tied to wrongful acts of individuals
Loss of documents cover
Court attendance cover
Loss mitigation cover
Reputation and brand cover
