Whatever the legal form and status of the entity, the members of the Board of Directors are subject to various liability risks under Luxembourg law.
As a best practice, ILA strongly recommends to its members to assess, for each directorship, the existing insurance coverage as well as the need for additional coverage.
Generally speaking, an entity should provide its directors with an insurance coverage. It is important that the director understands the terms and conditions of such insurance, notably the limitations, exclusions, renewal process, etc. Despite such insurance provided by the corporate entity, the director might wish to have an additional insurance coverage, which would be personal to her/him and which she/he can have a more direct access to in case of need.
In order to facilitate the search of such an insurance policy for its members, ILA has identified the insurance companies listed below as offering insurance coverage to individual directors in Luxembourg. Please note that this list is not necessarily exhaustive but represents the current knowledge of ILA about the products available on the market.
Please be aware that it remains the exclusive responsibility of the director to assess her/his needs and to choose the product which will best fit these needs. It is also the responsibility of the director to ask directly the insurer/broker for an individual offer and quote and to make her/his own informed choice. ILA is neither providing advice on insurance contracts nor otherwise proposing any insurance contracts. The only purpose of ILA is to draw its members’ attention to the importance for them to ensure that they have adequate insurance coverage and effective access to such coverage for their directorships.
already currently provides an insurance coverage to all ILA members. In cooperation with the insurance broker Gras Savoye
, AIG has developed an additional and more extensive specific insurance offer for all ILA members.
has arranged with Allianz Luxembourg
a tailored-made insurance policy covering the director’s liability. The specificity of this policy is that the policy holder and the assured are the physical person holding the mandates.
DocumentAllia Product ProfileTalisman Individual Executive Protection
was created in 2015 in response to demand from individuals in Luxembourg for a policy that both protected them personally and for which they retained complete control. The cover is written via AXIS Specialty Europe SE who are backed by the exceptional financial strength and solid claims-paying ability of the AXIS Insurance and Reinsurance Companies.
DocumentSummary of Individual Executive Protection Policy
For further details and to obtain a quotation please contact firstname.lastname@example.org or alternatively by clicking on Talisman website