Basic cover
- Personal liability of directors
- Protection of personal assets
- Defence & representation costs
- Mistakes by fellow directors
Directors' and officers' liability insurance through Hiscox
For the company with outside shareholders or investors: the form we use through Hiscox puts the emphasis on defence costs and on claims by providers of capital and by regulators.
- 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 situation
- 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
As soon as there is outside capital in the business, a director's claims profile changes. Alongside the insolvency administrator, shareholders and investors come into the picture, reviewing after the event a decision on dilution, an acquisition, the information provided in a funding round or a forecast that disappointed. The basis is then usually Article 6:162 DCC.
What weighs most heavily in that situation is not the eventual damages but the defence costs. A claim or an investigation by a regulator costs money long before it is established whether you did anything wrong. In most policies those costs come out of the same sum insured as the loss itself. The level of that sum is therefore a real choice.
We are not tied to Hiscox and compare this set-up with other providers, among other things on the treatment of subsidiaries and on what happens in a takeover. If you manage a foundation, association or cooperative without outside providers of capital, look at the form available through Hienfeld.
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We compare your directors' and officers' liability insurance across dozens of insurers, explain where the real differences lie, and arrange the switch from start to finish — without you having to chase it yourself.
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Through Finass or direct with Hiscox?
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 Hiscox'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 Hiscox |
|---|---|---|
| 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 Hiscox 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?
- Balance sheet total and annual turnover. The financial size of the group is the main basis of calculation for this cover.
- Shareholder structure. One managing director and majority shareholder or a group of investors and minority shareholders makes a big difference.
- Sector and activities. Supervision of the sector and the degree of regulation determine the chance of investigations and claims.
- Number of directors and supervisory board members. The size of the group of insured persons, including directors of subsidiaries insured as well.
- Sum insured and excess. The sum also carries the defence costs. The excess generally applies per claim.
- Foreign entities and area of operation. Subsidiaries or establishments outside the Netherlands bring a different jurisdiction and a different rate with them.
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.
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.
Shareholders and investors as claimants
A minority shareholder who feels he was prejudiced in a share issue, or an investor who claims the figures at the funding round were too optimistic: those claims are directed straight at you as a director, through Article 6:162 DCC. They often come years after the decision. So record your decision-making and the information you relied on. That is your first defence, even before the policy.
Defence costs run ahead of the judgment
Even a claim that ultimately proves unfounded costs legal and investigation fees. Those are generally paid straight away, but they do come out of the sum insured; in lengthy proceedings, less is then left for the loss itself. Also note whether the costs of an internal investigation or of appearing before a regulator fall under the cover. Fines themselves are never insurable.
Where the employer's risk stops
Claims by employees about appointment, dismissal or unequal treatment can fall under this policy as acts of management. But injury in the workplace does not: that runs through the duty of care in Article 7:658 DCC and, for road use in the course of work, through Article 7:611 DCC. You need employer's liability cover for that. This policy does not pay for injury to your own staff.
Subsidiaries and a takeover
If you also manage foreign or newly incorporated subsidiaries, they must be on the policy. An entity that is not named is not insured. Report new participating interests on acquisition. On a takeover of your business, cover for new facts often stops on the transaction date, while claims about the period before it can still come in for years. A run-off policy is then needed. Arrange it before completion.
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.
Are defence costs included?
Yes, and with this cover it is often the most important element. Legal and investigation costs are generally paid as soon as a claim is made, even where it later proves unfounded. Do note that these costs come out of the same sum insured as any damages. Fines and penalty payments imposed on you personally are not insurable.
Are my subsidiaries insured as well?
Only if they are on the policy or fall within the definition of the insured group. A newly incorporated or acquired entity must be reported; until then its directors are not covered. With foreign subsidiaries the jurisdiction also comes into play: a claim brought there does not automatically fall under Dutch cover.
What happens if my business is taken over?
A change of ownership is a material change for this policy. Cover for new facts often ends on the transaction date, while claims about the period before it can still follow for years. A run-off policy is needed for that, and you must arrange it before completion. Afterwards it cannot be obtained, or only on unfavourable terms.
Does the policy cover fines from a regulator?
Not the fine itself. An administrative fine is not insurable under Dutch law. What can be covered are the costs of defence and of your representation during an investigation. Check whether the policy expressly mentions those investigation costs, because not every provider does. We compare that point at Hiscox and at other insurers.
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 propertyArticle 2:9 of the Dutch Civil Code, private assets, decisions
- 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
- Directors' and officers' liability insurance for property and real estatePersonal liability, Article 2:248 of the Dutch Civil Code, defence costs
- Directors' and officers' liability in a property structureArticle 2:9 of the Dutch Civil Code, joint and several, private assets
Read more
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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.