Restructuring Environment – Interim Managerial Appointments

Genoa Underwriting Managers, on behalf of Safire Insurance Company Limited, offers a bespoke Professional Indemnity Insurance Policy for Interim Managers.

When a resolution to commence business rescue is not adopted by the board of directors, an affected person (shareholder, creditor, employee, trade union etc.) may apply to Court to place a company in business rescue. After considering such an application, a court can order the company to be placed in business rescue if there are reasonable prospects of rescuing the company.

Courts are also able to order other relief in addition to the relief prayed for by the affected person, hence, the court may order the appointment of an interim practitioner (“Interim Manager”) who has been nominated by the affected person subject to creditors ratifying (approving) his appointment at a first creditors’ meeting.

WHY CHOOSE GENOA?

As Genoa's footprint in the liability space continues to grow from strength to strength, we thought we would share with you why more and more brokers are choosing to work with us as their partner of choice:

Our Underwriters are committed to providing our clients with superior turnaround times when issuing quotations and schedules of cover

Our underwriters are experts in their respective fields and are able to offer our clients technical advice which helps empower them to secure an account

We have strong working relationships with the top re-insurers in the country including Munich Re and Swiss Re who support all of our Professional Indemnity products

Through strategic reinsurance partnerships we are able to offer competitive market premiums

Our policies include a number of meaningful extensions that offer true value to our thousands of Insured clients

Our Insured Practitioners are represented by the top law firms in the country, including firms like Clyde & Co, Garlicke & Bousfield, Mac Robert Attorneys, Norton Rose Fulbright and Webber Wentzel

OUR COVER CAN INCLUDE:

Professional Indemnity

The Professional Indemnity cover is underwritten on a claims made basis and is designed to indemnify the Insured in respect of his/ her/ their legal liability to pay compensation (including interest, claimant’s costs, fees and expenses) as a result of actual or alleged act(s), error(s) or omission(s) amounting to negligence in the exercise of his/ her/ their powers and performance of the functions of the Interim Manager, within the territorial limits, on or after the Inception/Retroactive Date shown in the Schedule.

Fidelity Guarantee Cover

Fidelity Guarantee cover may also be selected under the Policy, and this Section covers loss of money and/or other property belonging to The Entity Under Management or for which it is responsible, arising from:

1) theft by an Interim Manager or nominated Subcontractor

2) fraud or dishonesty of an Interim Manager or nominated Subcontractor.

Cover is specifically on a Named Person Basis.

Need this cover?

Our team of Broker Consultants are ready to answer any questions you may have