Insurance is the responsibility of the individual and should form part of any due diligence to be performed before joining an organisation.
Members should ensure that the organisation holds directors and officers insurance. Designed to help protect both the assets of the company and the personal assets of the individual, this insurance covers those liabilities that may result from an individual or group performing their task(s) as directors or officers.
Anyone acting as a director or officer for a legal entity is covered under most policies. This includes positions of chairman, deputy-chairman, president or vice-president of the board of directors, the managing director, general manager, financial controller, secretary or treasurer and any other person who performs the corporate functions similar to those performed by an officer.
This page is available online at:
http://www.cpaaustralia.com.au/cps/rde/xchg/cpa/hs.xsl/588_4062_ENA_HTML.htm