Basic cover
- Personal liability of directors
- Protection of personal assets
- Defence & representation costs
- Mistakes by fellow directors
Directors' and officers' liability insurance for a VvE through Avéro Achmea
Directors' and officers' liability insurance protects the private assets of the volunteers who make up the board of a VvE (Dutch owners' association) against complaints about their decisions, not against damage to the building.
- several insurers compared objectively
- 9.5 customer rating for a new policy
- AFM licence 12016589
- Personal 072 - 509 24 56, weekdays 9–17
This page in another language: Nederlands
Work out for yourself what it would cost.
Enter your details; you will receive a proposal within one working day.
- We compare the offerings of several insurers
- An adviser checks whether the cover suits your activities
- We arrange the switch, including cancellation
A premium indication, not personal advice. Prefer to talk it through? Call 072 - 509 24 56.
- Independent advice
- Several insurers
- Switching arranged
- Help with claims
In brief
A VvE board usually consists of residents who take it on alongside their work. Even so, the same standards apply to them as to the directors of any other legal entity: under Article 2:9 of the Dutch Civil Code they must perform their duties properly, and where they are seriously at fault they can be held personally liable. The liability then reaches their own savings and home.
The loss at issue here is almost always pure financial loss: money that is lost without anything being broken or anyone being injured. Think of a reserve fund kept too low, an insurance policy cancelled by mistake, a contract signed without a mandate from the general meeting, or a decision later set aside by the court.
This policy stands apart from the the VvE's liability insurance, which covers injury and property damage to third parties. When comparing, Finass looks above all at the retroactive and run-off periods, because a complaint against a board often only comes to light years after the decision.
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Through Finass or direct with Avéro Achmea?
The structure of the cover in three parts, with an overview per situation below.
Extended cover
As well as management errors, also claims from shareholders, the insolvency administrator, the Belastingdienst (the Dutch tax authority) and regulators.
- Claims from shareholders & the insolvency administrator
- Claims from the insolvency administrator (bankruptcy)
- Improper management
Complete package
The most complete cover. We compare Avéro Achmea's extended version with the market.
- Agency workers, interns & volunteers
- Defence & legal costs
- Retroactive cover (about 3 years as standard)
- Retroactive cover (prior risk)
What is covered
| Situation | AVB | BAV | Cyber |
|---|---|---|---|
| Injury to a visitor or customer | Yes | No | No |
| Damage to a client's property | Provided it is declared | No | No |
| Financial loss caused by an advisory or calculation error | No | Yes | No |
| Downtime after a ransomware attack | No | No | Yes |
| Data breach involving personal data | No | Provided it is declared | Yes |
| Damage to property in your care | No | No | No |
What we do
| What we do | At Finass | Direct with Avéro Achmea |
|---|---|---|
| Comparison across several insurers | Yes | No |
| Advice based on your own situation | Yes | Sometimes |
| One point of contact for claims | Yes | Sometimes |
| Cancellation with your current insurer arranged | Yes | No |
| We determine whether Avéro Achmea is the best choice | Yes | No |
| Advice fees for you as a customer | No | No |
This overview concerns our service, not the cover. What is actually covered is set out in the policy conditions and on the insurer's insurance card (verzekeringskaart); you receive both before you take out cover.
What does your premium depend on?
- Number of apartment rights. More owners means more parties who can challenge a decision of the board.
- Professional managing agent or self-management. An external management firm generally applies the administration and the decision-making rules more strictly.
- Size of the annual budget and the reserve fund. The amount the board manages determines the size of a possible financial complaint.
- Mixed use. Commercial units in the complex lead to conflicts of interest over allocation formulas and maintenance.
- Retroactive and run-off periods. The further back and the longer after resignation the cover runs, the more heavily that counts in the premium.
- Current disputes and deferred maintenance. Known conflicts or a long-term maintenance plan that has not been carried out increase the chance of a claim.
Insurers weigh these details differently. That is where your saving is.
How we arrange it
- You request a quoteWe take stock of your activities, turnover and wishes.
- We compareseveral insurers, on premium as well as conditions.
- You receive a proposalWith an explanation of the differences and the exclusions.
- We arrange the switchIncluding cancellation, so there is no gap in cover.
Why arrange it through Finass Verzekert?
We look at the terms as well as the premium, and stay your point of contact when there is a claim.
Independent
We are not tied to one insurer and compare on the basis of an objective analysis of several companies.
One fixed adviser
You call or email someone who knows your file. No menu options, no changing call centres.
Switching without hassle
We cancel your old policy and align the start date, so you are never a day without cover.
Help with claims
We report the claim and monitor how it is handled. In urgent cases you can reach us on the emergency line.
9.5New policy
9.8Claims handling
Customers rate our service on four aspects: personal service, service delivery, availability and the outcome. The reviews are collected and published by NH1816 and come from customers who have actually taken out a policy with Finass Advies B.V. or reported a claim.
Where things go wrong in practice
Four points that make the difference between a policy that pays out and one that does not.
Improper performance of duties under Article 2:9 DCC
The board manages, but the general meeting decides. Anyone who acts outside the mandate, carries out a decision contrary to the deed of division or fails to inform the meeting can be seriously at fault under Article 2:9 of the Dutch Civil Code. There is a risk towards third parties as well: a supplier left unpaid because the board entered into obligations without cover in the budget can hold a director personally liable under 6:162 DCC.
Reserve fund, long-term maintenance plan and insurance
The classic claims against a VvE board concern money that is not there. A reserve fund that has not been topped up for years while the long-term maintenance plan announced a roof replacement leads to an unexpected extra contribution per owner. The same applies to a buildings policy cancelled through a missed payment when a fire breaks out. What the owners hold against the board is then not the loss itself, but the fact that they have to bear it.
Claims-made: the moment of the claim counts
Most directors' and officers' liability covers work on a claims madebasis. What is decisive is not when the decision was taken, but when the claim comes in. If a board changes, the run-off cover is the most important part of the policy for the departing directors. Conversely, the retroactive cover determines whether complaints about decisions from before the start date are included. Circumstances already known at the outset fall outside the cover.
What stays outside the policy
Excluded are intent, fraud and self-enrichment, for example a treasurer taking money from the VvE's account. Also excluded: injury and property damage, which belong on the association's liability insurance; fines and penalty payments imposed on the VvE itself; and arrears of service charges or premiums that simply still have to be paid. Damage caused intentionally is moreover excluded by law under 7:952 DCC.
Retroactive cover (prior risk)
Retroactive cover (prior risk) Included for your staff during work.
Defence & legal costs
Frequently asked questions
This is what people ask us most.
I am a volunteer; can I really be personally liable?
Yes. The law makes no distinction between a paid director and a resident who performs the role unpaid. The court does take into account what may reasonably be expected of someone in that position. That does not alter the fact that you first have to pay a lawyer to conduct that defence, and with this policy it is precisely those defence costs that often make up the largest part of the payment.
Does a discharge granted by the general meeting already protect me sufficiently?
A discharge works only towards the VvE itself and only for what was apparent from the documents. An individual owner or an outside creditor is not bound by it. If a problem only comes to light later, for example with a roof replacement that turns out far more expensive than budgeted, a discharge granted earlier offers limited certainty in practice.
Does this policy cover damage to the building?
No. Physical damage to the complex falls under the buildings insurance (opstalverzekering) and injury or property damage to third parties under the association's liability insurance. This policy pays only for financial loss arising from a complaint about acts or omissions in management, plus the cost of legal defence against that complaint.
What happens if I resign as a director?
Your conduct lies in the past, but a claim can come years later. Because the cover runs on a claims-made basis, what is decisive is whether the policy still exists at the moment of the claim and whether run-off cover has been agreed. Arrange this before you resign and record in the minutes that the general meeting is continuing the insurance.
Every situation is different. For these situations we have a separate page.
- Compare directors' and officers' liability insuranceThe main page
- Directors' and officers' liability insurance through Hienfeld
- Directors' and officers' liability in a VvEUnpaid, Article 2:9 of the Dutch Civil Code, private assets
- An unpaid VvE board and personal liabilityVolunteers, no distinction in the law, long-term maintenance plan
- Directors' and officers' liability in property and real estateArticle 2:9 of the Dutch Civil Code, private assets, claims-made
- Directors' and officers' liability insurance for your companyArticle 2:9 of the Dutch Civil Code, personal liability, defence costs
- Environmental damage insurance for a VvE (Dutch owners' association) through Avéro Achmea
- VvE buildings insurance through Avéro Achmea
Read more
Within Bestuurdersaansprakelijkheidsverzekering
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Request a quote without obligation. We will look at which insurer best matches your activities and your risk.
Prefer to call? 072 - 509 24 56, weekdays 09:00–17:00.
Claim on the road? Emergency line 06 - 55 20 40 72.
About our service
Finass Verzekert is a trading name of Finass Advies B.V. We advise on and arrange non-life insurance on the basis of an objective analysis of several insurers, and receive commission for this from the insurer, which is included in the premium. You pay no separate advice fee. Before you take out cover, we establish your wishes and needs.
You will find our licence, KvK and Kifid details and our complaints procedure at the foot of every page.
This page was compiled by Finass Verzekert (LinkedIn). Last updated on .
The information on this page is general in nature and is not personal advice.