MANAGER LIABILITY

As the size of the company grows in the business world, its responsibilities towards all other sectors, apart from the sectors that the company serves, also grow. Today, this network of responsibility is growing faster than expected. While businesses try to move forward without getting caught in these responsibility and risk networks, mistakes to be made in decision-making processes can cause unpredictable damages. Managers and employees are at the center of decision-making processes.

Managers and employees will not only cause that the enterprise is subject to financial obligations with wrong decisions and practices, but they may also cause reputational losses that are not visible in the first place. These losses will later cause financial problems.

NART Insurance and Reassurance Brokering Inc. analyzes insurance plans and risk management services created against these rapidly growing risks in all sectors through its international partners all over the world. In today’s world, where a new company scandal is encountered every day, a customer-oriented service approach succeeds in ensuring the quality of life of all businesses by preventing or compensating for such problems.

WHAT IS THE MANAGER LIABILITY INSURANCE?

It provides assurance against the damages demanded by the parties who suffered damages due to the wrong actions (unintentional mistake, negligence, misrepresentation, violation, etc.) and wrong decisions taken by the Company’s Board Members and Managers while performing their duties on behalf of the company.

WHO IS COVERED BY THE MANAGER LIABILITY INSURANCE?

  • Members of the board of directors, director or manager, committee members, any company employee acting as a manager or supervisor in the company and its subsidiaries
  • Company employee in the position of risk manager or equivalent
  • Members of the board of directors, managers, executives and employees of companies that were acquired during the contract period and are subsidiaries of the company
  • Members of the board of directors and executives working in a non-affiliated company (External Institution) at the special order and request of the company,
  • Retired company executives

What is an Erroneous Action?

Any act made by the executives or alleged misrepresentation, false information, misleading declaration, error, negligence, insult, defect, breach of authorization guarantee, breach of trust, or any other act that may cause management liability or any matter against the manager solely due to his/her aforementioned duty is accepted as erroneous action.