Hienfeld · compared independently · advice from Finass
Directors' and officers' liability insurance through Hienfeld
Directors' and officers' liability reaches your private assets. The form we use through Hienfeld is aimed at boards with several members who can be held jointly and severally liable.
The calculator and the quote form below are in Dutch. Prefer to do this in English? Email info@finassverzekert. nl or call 072 - 509 24 56 and we will take it from there.
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 situation
A premium indication, not personal advice. Prefer to talk it through? Call 072 - 509 24 56.
In brief
<p>A directors' and officers' liability insurance insures not the legal entity but the person who manage it. If you are held liable over a decision, it is your own assets that are at stake: your house, your savings. The standard is Article 2:9 of the Dutch Civil Code, which requires proper performance of duties from every director, and towards third parties Article 6:162 DCC.</p>
<p>We use this form above all for boards consisting of more than one person: foundations, associations, cooperatives, family businesses and organisations with a supervisory board. That is where joint and several liabilitycomes into play. The board as a whole is responsible for policy, including the part you had left to a colleague.</p>
<p>We are not tied to Hienfeld. What we compare per provider is the group of insured persons, the retroactive period, the run-off after resignation and whether claims by the legal entity itself are insured. For a company with outside shareholders or investors we also look at the form available through Hiscox.</p>
The structure of the cover in three parts, with an overview per situation below.
Basic cover
The basic cover insures the essentials. We show what Hienfeld and other insurers offer here.
Personal liability of directors
Protection of personal assets
Defence & representation costs
Mistakes by fellow directors
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 Hienfeld's extended versions 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 Hienfeld
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 Hienfeld 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.
Where things go wrong in practice
Four points that make the difference between a policy that pays out and one that does not.
Jointly and severally, including for a fellow director's mistake
In cases of improper management the whole board is in principle liable, not only the person who did it. Article 2:9 of the Dutch Civil Code only lets you off if you show that the complaint does not attach to you and that you were not negligent in taking measures. That means: putting matters on the agenda, speaking out and having it recorded in the minutes. A policy pays for the loss, but does not take away that burden of proof.
The insolvency administrator after a bankruptcy
If the legal entity goes bankrupt, the insolvency administrator investigates the board. In cases of manifestly improper management in the three years before the bankruptcy, he can hold directors liable for the deficit under Article 2:248 of the Dutch Civil Code. Accounts that have not been kept or annual accounts filed late create an evidential presumption that you have to rebut yourself. When it comes to it this is the most common claim.
Serving unpaid does not mean less liability
Volunteers on the board of an association or foundation carry the same responsibility as a paid director. There, claims often come from within: the association itself, the members' meeting or a successor board reviewing the management of reserves, subsidies or property. So check whether claims by your own legal entity are insured; not every policy covers those.
What a directors' and officers' liability policy does not do
Falling outside the cover are fines and additional tax assessments as such, intent, fraud and self-enrichment (Article 7:952 DCC) and circumstances you already knew about when taking out the policy. Ordinary losses of the legal entity itself do not belong here either: injury to a member of staff runs through employer's liability and Article 7:658 DCC, property damage through the public and employers' liability insurance.
Retroactive cover (prior risk)
Retroactive cover (prior risk) Included for your staff during work.
Defence & legal costs
What does your premium depend on?
Legal form and size. A foundation with volunteers, a cooperative and a BV with a supervisory board are each assessed differently.
Balance sheet total and annual turnover. The financial size of the legal entity is the main basis of calculation for this cover.
Number of directors and supervisory board members. The group of insured persons, including former directors and de facto policymakers.
Sum insured per claim and per year. The annual limit applies to all directors together. With a large board that is a point to watch.
Retroactive period chosen. Cover for decisions from before the start date, for example when joining an existing board.
Financial position and history. Solvency, earlier claims and the continuity of the organisation are taken into account in acceptance.
Insurers weigh these details differently. That is where your saving is.
How we arrange it
You request a quoteWe take stock of your situation, your risk and your 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.
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.
Generally the statutory directors, supervisory board members and supervisors, often supplemented by de facto policymakers and by former directors for decisions from their period on the board. Some policies also include heirs where a director dies. The legal entity itself is not an insured person for its own losses. Check the definition of the group of insured persons, because it differs from provider to provider.
Am I covered for decisions taken before I joined?
Only with retroactive cover. The policy responds to the claim, not to the moment of the decision. If you join an existing board, you take on the organisation's history: the accounts, current obligations and earlier decisions. So ask for a retroactive period and report circumstances already known to you when you took office; those are excluded in any event.
What happens if I resign?
Liability continues after your resignation. An insolvency administrator or successor board can still hold you liable years later. As long as the organisation's policy continues and former directors fall within the group of insured persons, you are covered. If the policy is terminated or the organisation is wound up, a run-off period is needed. Arrange that at the moment of resignation and record it in writing.
Is a discharge granted sufficient protection?
No. A discharge works between you and the legal entity and extends only to what was apparent from the documents. It does not bind an insolvency administrator, a creditor or the Belastingdienst. For third-party claims, Article 6:162 DCC continues to apply in full. A discharge therefore does not replace directors' and officers' liability insurance; at most it covers part of the internal risk.
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.
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