CPD: Professional indemnity and directors’ and officers’ liability insurance – cross border issues
- To be confirmed
- 17:00–19:00 CET
Professional indemnity insurance (PII) is a form of liability insurance which helps protect professional advice- and service-providing individuals and companies from bearing the full cost of defending against a negligence claim made by a client, and for damages awarded in such a civil lawsuit. Directors and officers liability Insurance (D&O) is usually a personal liability insurance indemnifying the directors and officers of a company for losses or for advancement of defense costs. The insured director or officer could suffer such a loss following a legal action brought for alleged wrongful acts committed in their capacity as directors and officers. D&O has become closely associated with broader management liability insurance, which insures a number of the liabilities of the corporation itself as well as the personal liabilities of the directors and officers of the corporation.
The seminar will consider the main aspects of cover of PI and D&O liability insurance policies highlighting the issues related to the underwriting and the designing and placing of these classes of insurance. The risk assessment process will be examined including the structuring of policies for multinational risks with business and/or subsidiaries in or outside the EU. The seminar will touch on the resulting regulatory problems and on authorised policies and admitted or non-admitted risks.
- To understand the extent of cover and the principle exclusions and conditions of Professional Indemnity and Director and Officer liability insurance policies
- To assess the principal risks associated with these classes of business and apply this knowledge whether as underwriter or distributor
- To assist manufacturers, brokers or distributors of these products in their operations.
Underwriters handling these classes domestically or on behalf of international underwriters as well as brokers (distributors) advising, designing and placing these classes for clients with domestic and/or international business exposure may find the seminar helpful particularly for their clients with cross border operations and/or subsidiaries.
Mr Peter Grima
Trainer(s) bio and experience
Mr Peter Grima is an experienced insurance professional holding the Fellowship of the Chartered Insurance Institute (FCII) which he obtained 1986 becoming the first to hold such a prestigious qualification in Malta. He held several positions in the Maltese market with Mediterranean Insurance Brokers Ltd and A.V. Bartoli Insurance Services before moving overseas to Saudi Arabia for five years working with the Al Alamiya Insurance Co (a Royal Sun Alliance associate company). In 1988 he returned to Malta to set up his own broking firm under the name United insurance Brokers and in 2003 he also set up United Insurance Management. United and First Insurance Brokers merged in 2006 to form FirstUnited Insurance Brokers and FirstUnited Insurance Management (FUIM). At FUIM he went on to manage a client owned niche on-line emergency medical and liability insurer and an on-line insurance broker for 9 years.
He was the founding Chairman of the Association of Insurance brokers, Hon. Secretary of the Chamber of Commerce and Enterprise and the founding Chairman of the Chamber’s Internationalisation Committee. Mr Peter Grima was also a visiting lecturer at the University of Malta until 2019.