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DIRECTORS AND OFFICERS
LIABILITY INSURANCE (D&O)

Protecting you and your credit union from unexpected legal challenges.

Directors and Officers Liability Insurance (D&O) provides financial protection to individual directors, officers, and committee members of a credit union against claims made against them personally arising from decisions and actions taken in their roles. With increasing regulatory oversight of the credit union sector, D&O cover is no longer a 'nice to have' - it is an essential safeguard for every person serving on a credit union board or in an officer capacity.

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Who is this product for?

D&O Insurance is designed for individual directors, officers, and committee members of Irish credit unions, and for the credit unions themselves. It is available as a standalone policy or as part of the Credit Union Package of Protection (CUPOP). It is particularly relevant given the requirements of the Credit Union Act, Central Bank regulations, and the increasing volume of employment and regulatory claims in the sector.

What does this product cover?

  • Defence costs incurred by a director or officer facing a claim or investigation

  • Reimbursement of losses where a director or officer is found personally liable

  • Employment practices claims - discrimination, wrongful dismissal, sexual harassment

  • Regulatory and governance breaches - failure to comply with laws or regulations

  • Reporting errors - mistakes in financial or regulatory reporting

  • Data breach claims - where a board member is sued for failure to implement adequate data safeguards

  • Health & Safety investigations

  • Trading Standards and Advertising Standards investigations

  • Decisions made in excess of authority granted to an officer

  • Cover for the credit union entity itself where it indemnifies directors and officers

​What is not covered?

As with all insurance products, exclusions and limitations apply. Key exclusions include:

  • Dishonest, fraudulent, or deliberately criminal acts (these may be addressed under Fidelity Bond cover)

  • Claims arising from conduct the insured knew to be wrongful at the time

  • Bodily injury or property damage claims (covered under Public Liability or Employer Liability)

  • Full exclusions and conditions are set out in the policy documentation provided at quotation stage

How does it work?

D&O insurance operates in three main ways. Side A cover protects directors and officers personally when the credit union cannot or will not indemnify them. Side B cover reimburses the credit union when it does indemnify its directors and officers. Entity cover extends protection to the credit union itself in certain claim scenarios. In practice, when a claim is made against a director or officer, the policy covers their legal defence costs from the outset - without requiring the individual to fund their own defence and claim reimbursement later. CMutual offers D&O as part of CUPOP or as a standalone addition to your existing Fidelity Bond cover.

Who underwrites this product?

Directors & Officers cover within CMutual's programmes is underwritten by AIG Europe S.A. (Registered in Ireland, No. 908876). Full details are confirmed in your policy schedule.

How are we paid?

CMutual earns commission and/or administration fees for arranging and managing your insurance, included within the premium. Full details are available in our Terms of Business.

Get in touch

  • To find out more or to request a quotation, contact our team:

  • Phone: +353 1 5533500

  • Email: [email protected]

  • Or use the contact form on this page

 

CMutual arranges insurance on a limited analysis of the market basis. We work with a defined panel of underwriters and do not compare all products available in the wider market. No cover is in place until a policy schedule has been issued to you in writing. Full details are in our Terms of Business.

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