Company directors could face an increase in claims against them as a result of the Companies Act 2006 but risk not having suitable insurance cover in relation to them, law firm Reynolds Porter Chamberlain has warned.
Simon Goldring, a partner at RPC said it was essential that directors reviewed their directors' and officers' (D&O) insurance policies.
It was not enough that they had a policy - they have to make sure they have an effective policy, incorporating a number of enhancements that have recently become available, he said.
"The soft market means that now is a great time to review the policies - you can buy substantially broader cover for less premium."
Goldring added: "D&O products have improved in the last two years, but many directors are unaware of this. You can never completely protect yourself but many should now maximise what protection is available."
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