I refer to the article entitled SATA acts to insure its board against lawsuits" (ST 14 July 2006)
NTUC Income offers a Directors and Officers Liability Insurance cover to the Singapore Anti-Tuberculosis Association.
The policy comes in two parts. The first part indemnifies the directors and officers for the defence costs if they are successful in defending an action brought against them in connection with the management of the company. The premium for this portion is quite inexpensive, and is the sum of $275 quoted in the article.
We also offer an additional cover, to reimburse the company for the defence costs in the event that the directors and officers are not successful in defending the charge for the wrongful act brought against them. The premium for this cover is higher.
The total premium for both covers works out to about $300 per director per year. The actual premium varies according to the type of business.
We wish to suggest that all organisations should a directors and officers liability insurance, regardless of their size or nature of business. Directors have personal liability in the discharge of their duty and should be protected. It has now been shown that charitable organizations are also exposed to this risk. Most businessses prefer to buy the full cover, comprising of the two parts. Even though the cost is higher, it is still quite modest.
Tan Kin Lian
Chief Executive Officer
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