Santam works exclusively through licensed insurance brokers. A proposal form – available by clicking the Downloads button of this page – is required, along with recent audited financial statements and full details of previous claims.

Directors and officers can face significant personal exposure when legal action is brought against them for actions or omissions made in their official capacity. These risks include:

• Personal liability: homes, vehicles, savings, pensions, and other personal assets are at risk.
• Family impact: spouses, heirs, and estates may be named in lawsuits.
• High legal defence costs: without cover, legal fees can be financially devastating.
• Asset freezes: potentially impacting the ability to cover basic personal expenses like housing, education, utilities, and insurance.

D&O claims generally stem from alleged wrongful acts and can be initiated by various stakeholders:

Shareholders 

Allegations related to accounting fraud, poor financial performance, breach of fiduciary duty, insider trading, mergers and acquisitions (M&A) activity, or bankruptcy. 

Employees

Claims may include wrongful termination, harassment, discrimination, whistleblowing, or disputes over contracts, benefits, and promotions. 

Competitors

Claims relating to anti-competitive conduct, intellectual property (IP) infringement, business interference, and contract breaches. 

Customers

Disputes involving fraud, debt recovery, breach of contract, or refusal of credit. Other Parties Claims can also come from liquidators, creditors, regulators, or government bodies.

Exposure is not limited to company directors. Those at risk include: 

• Current and former directors and officers.
• Executives and non-executive directors such as the CEO, CFO, and Company Secretary. 
• Members of committees (audit, risk, remuneration, etc.).
• Employees in managerial or supervisory roles.
• Directors service on boards of a non-profit organisation or an associated entity at the behest of the company.