Insurance for

Directors and officers

Insurance for directors and officers across Devon, Cornwall and the UK.

Insurance tailored for you

Protect yourself with our leading directors and officers insurance plans

Why do you need insurance for yourself as a director or officer?

As a director or officer of a limited management company, right-to-manage company or residents’ association, you can be held liable for mistakes or oversights in the running of your company or association. Volunteering yourself to become a Director of the company that manages a block of flats has many advantages, but by becoming a Director of the company you could be exposing yourself to potential financial risk.

If you make a decision that causes a financial loss to someone, perhaps another leaseholder or a contractor, you could be personally financially liable. Or perhaps you unintentionally fail to comply with some regulations. Whether or not you are aware of them, you could still be personally liable for this failure.

Directors’ and officers’ liability insurance (D&O) is developed to protect you from potential personal liability and costs. Running a residential management company or similar organisation means that you have certain duties and responsibilities to the leaseholders. If you fail to carry out these responsibilities adequately, or if decisions made in good faith go wrong, you could be held personally liable.

The law makes no distinction between directors and officers of property management companies and commercial companies. So, if someone suffered a loss as a result of a wrongful act, error or omission by a director of your management company, and they took legal action against you, the directors and officers could be liable for the legal costs and any settlement.

You don’t need to have your building insured with LMB Insurance Services to take out a directors’ and officers’ liability policy with us. We’ll take care of all the paperwork and administration to make it easy for you.

By taking out a Directors’ and Officers’ insurance policy through LMB Insurance Services, you have the reassurance of a policy that has been specifically developed for Directors’ and Officers’ of Residential Management and Right to Manage companies. And because policies are developed for specific risks, they can be cost effective for the security they offer.

We are here to provide personal service, you will never be put through to a call centre. Call us on 01752 969 170 to speak to a broker today.

What can D&O insurance cover?

There are many reasons why you need insurance cover as a D&O. Our insurance policies can help you when difficult situations arise – here are the top 10 reasons why you need it, and situations where you may be able to claim.

  • Litigation is on the increase – Directors of RMCs are usually volunteers who willingly give their time to help look after their block and their fellow leaseholders. Unfortunately, we live in an increasingly litigious society and in English Law directors of an RMC are treated exactly the same as the directors of a multi-million pound PLC.
  • RMCs are just as vulnerable as large companies – RMCs are not exempt from D&O claims, they face exactly the same risks and regulations as larger companies, but don’t benefit from corporate legal teams – or bank balances to fund defending a claim.
  • Your personal assets are at risk – If you are a director of an RMC ignorance of the law won’t protect you. If you are accused of breaching your duties, you may be personally liable to defend any claims. Your personal assets are potentially at risk if you do not have adequate D&O cover.
  • Your fellow leaseholders could sue you – If the value of the properties in your block drop and it’s found that the reduction in value can be traced to a breach of duty by the directors, it may have serious financial consequences.
  • Defending legal action can be costly – Legal costs for defending allegations against a company director can run into thousands of pounds.
  • Investigations by regulators are getting more and more common – As a Director of an Residential Management Company (RMC) you are responsible for ensuring your block meets Health & Safety Executive guidelines. If a breach is discovered, you could be held personally liable and, in the worst case scenario if a fellow leaseholder or visitor suffered an injury on the premises, you may end up having to pay a fine or defend yourself in court.
  • When estimates go wrong – If you order work to be done on the premises that exceeds the estimate, and there is no money in the management fund to pay it, as a company director you could end up having to pay for it yourself.
  • D&O claims are not usually covered under any other liability policy – A common misconception is that alleged misconduct by directors or companies is covered under other liability policies – it may not be!
  • D&O Insurance could be more affordable than ever – A D&O policy can cost from £120 per year for an RMC, yet the total cost of a D&O claim can run into thousands of pounds.
  • D&O cover may be a small price to pay – Having D&O insurance in place offers peace of mind to the volunteer directors who give up their time to help run your block

Why choose LMB Insurance Services?

  • A multi award-winning insurance broker based in beautiful Plymouth, Devon
  • We pride ourselves on our exceptional customer service
  • We deliver affordable and comprehensive insurance policies to suit your individual needs
  • We are committed to only offering high quality products, primarily from leading insurance companies
  • We believe in transparency and always act in the best interests of our clients
  • We are here to provide personal service, you will never be put through to a call centre.

AWARD-WINNING
INSURANCE SERVICES

Highly rated by our clients

Testimonials

LMB insurance Services Ltd - Property Insurance & Business insurance PlymouthExcellentLMB insurance Services Ltd - Property Insurance & Business insurance Plymouth5.0 Based on 25 reviews fromSee all reviews review us onIan McGregorIan McGregor ★★★★★ Great, friendly service and an extremely good quotation. Will definitely use againHector HuttonHector Hutton ★★★★★ Excellent knowledgable and prompt service. Highly recommendedJennifer ThorntonJennifer Thornton ★★★★★ Luke was quick, efficient & a good price, what more could you want?! Thank you Luke!Ollie RainbirdOllie Rainbird ★★★★★ Thorough, reliable and always happy to help, even at short notice.paul mackiepaul mackie ★★★★★ How refreshing to have a local insurance business offering a very personal and competitive service.I and other friends have been using LMB for many years and have seen its growth . This success is due to the continued effort to provide a tailored and personal service, often going over and above any expectations.We will continue to work with LMB in the future.Ben WoodBen Wood ★★★★★ Luke has been with us since the start of our property investment journey and I can't speak highly enough of the quick, high quality service & support he provides. He's managed to customise policies to satisfy specific Lender requirements on multiple occasions. Look no further for your Insurance requirements and lock in the services of LMB.Josh GardnerJosh Gardner ★★★★★ Great company and Luke is a pleasure to deal. Quick with quotes and great contact to have for insurance.Monica PalMonica Pal ★★★★★ Highly recommend LMB Insurance. I was amazed at their responsiveness and price compared to other insurers. Pretty much sorted my insurance overnight. Provided great advice particularly for a complex deal and told me where to go for better deals which was very impressive. So, overall a complete value add service where they are thinking of their consumer throughout. Gem of a company and am lucky I found them.Lisa ElisseosLisa Elisseos ★★★★★ Sarah GarrySarah Garry ★★★★★ Luke was very helpful find me landlord and building insurance, sourced many quotes and variations until we found the most comprehensive and appropriate cover. Would recommend.Jo O'BrienJo O'Brien ★★★★★ I've used LMB's services for a few years now and have recommended him to others on multiple occasions. Over the past few years Luke has supported all my portfolio needs. He is always helpful, quick to respond and finds me the the most cost effective policy while giving best advise.Cheryl PoulterCheryl Poulter ★★★★★ We use LMB and Luke for our business insurance needs at Poulter Property Services Ltd. I find Luke great to communicate with - he always responds promptly and understands exactly what my requirements are. He has a great deal of expertise and can always advise me on the correct product for the business.Lucy & Steph IngramLucy & Steph Ingram ★★★★★ Luke's work ethic, professionalism and communication skills are hugely impressive and we consider him and the crew at LMB a vital part of our business and team.James BakerJames Baker ★★★★★ Fantastic service and would highly recommend. As a property developer I will certainly be switching to this company!Charles DougallCharles Dougall ★★★★★ I have used Luke for a number of years now to insure several properties and couldn’t recommend him highly enough. Working in the property industry myself, I have explored most insurers available to me, and LMB have always been able to find the most suitable products on the market.Always competitively priced with the right cover, and the service throughout the process could not be smoother. Luke is extremely efficient from start to finish, and has provided me with exactly what I’ve needed promptly, becoming someone I can count on from flipping houses, to rental properties, to personal home insurance.Going the extra mile is something not everyone can or will do for you, whereas Luke has always worked tirelessly to help me develop my portfolio, and completely taken the strain off insuring my properties. A great guy to work with, and someone you count on for an exemplary service for all your insurance needs. Thank you Luke!Claire RadleyClaire Radley ★★★★★ Absolutely superb service, second to none!Sam BarrettSam Barrett ★★★★★ Excellent service, friendly & helpful. Highly recommended.Thank you 😀Jason VokesJason Vokes ★★★★★ We can highly recommend LB Insurance. Luke has always responded to complex commercial situations in a timely and solution oriented manner.Carly FreemontCarly Freemont ★★★★★ purple222purplepurple222purple ★★★★★ Absolutely would recommend Luke his is so professional. His service is second to none. Always there on the end of the line if neededMariska Hope HastieMariska Hope Hastie ★★★★★ 5 star service from an excellent local company - i always use them myself and I have recommended them to friends and everyone has been happy with their serviceJY PropertyJY Property ★★★★★ Very quick response with professional and best value advice. We will use them again. Highly recommend!joshua smithjoshua smith ★★★★★ brilliant service! Luke will do anything to help out and bend over backwards at any point of the day to answer any questions great and friendly communicational skills, would recommend to anyone!AdrianAdrian ★★★★★ Luke’s enthusiasm, depth of knowledge and work ethic are second to none.He’s managed to save me thousands over the past year and I know he’s always at the end of the phone should I need anything.I have no hesitation in recommending him to friends and colleagues.Vince RossonVince Rosson ★★★★★ Excellent Service and Great Understanding on what was Requiredjs_loader

Get insured today

Let’s get started

Call us on 01752 969 170 and we will work to find the perfect business or property insurance deal
to suit your needs. Or visit our contact page for more ways to get in touch.