Czech managers are starting to see the benefits of the D&O insurance
18. October 2017
Even though the D&O insurance is on the Czech Market for almost two decades the boom started in 2014 after huge update of the Czech Civil Code, which brought further tightening of the responsibilities of members of corporate bodies and increased risks associated with the performance of their duties.
„Only about every tenth Czech manager is insured. Many of those who are not insured are not sufficiently aware of their risks of unlimited liability for damage in the event of their misconduct. In Britain or Germany around 40 % of managers are insured. And managers of companies often ask actively for the possibility of negotiating D&O insurance in their contract," says Michal Pilecký, D&O Insurance Specialist for RENOMIA EUROPEAN PARTNERS.
The insurance policy is negotiated by the insured company itself and the range of insured persons includes, by default, all past, current and future members of the company's organs.
D&O insurance is an interesting product in other countries of the CEE reigon as well. We see interesting growth potential also in the countries where members of the RENOMIA EUROPEAN PARTNERS are operating.