FBHVC Newsletter 6-2016

Thanks Roger,

This point from the FBHVC newsletter may be worthy of discussion at the next club meeting:

WHY YOU NEED PUBLIC LIABILITY INSURANCE AND DIRECTORS AND OFFICERS INSURANCE
Aston Scott
Public liability insurance is not usually a subject brought up in everyday conversation over mid-morning cup of coffee. But it’s a topic that can be crucial when it comes to protecting yourself against compensation claims or legal action costs if a third party suffers an injury or damage to their own property when they come into contact with your club.

Businesses and groups or clubs of any size, from one man bands to large organisation should consider public liability cover as their safety net when out in the public arena. So if your organisation interacts with the public in anyway then don’t leave it to chance as even the smallest of things like tripping over a guide rope or tearing clothing on a bumper can end up costing a large amount of money if insurance cover is not in place.

All businesses and organisations need people at the top. So if you’re a director or officer of a company or even a committee member or trustee of a charity or classic car club, then knowing your legal requirement within that role is vital. Directors need to ensure they act in good faith, with care, within the law and in the best interests of the company or organisation. Failing to do so can incur some serious consequences like, fines, compensation pay-outs and even imprisonment. And as a director or officer personal liabilities are unlimited.

Not sure if you’re a director? Usually companies will ‘appoint’ directors and their positions are usually obvious however, the Companies Act provides a wider definition namely ‘any person occupying the position of director by whatever name called’. Officers however can be seen as anyone holding a managerial or supervisory role. So whatever your position within an organisation, insurance cover such as a Directors and Officers (D&O) policy can help provide protection against an action or civil damages claim due to a wrongful action.

At Aston Scott, we have a real passion for helping people who collect and work with classic and historic vehicles to get the right cover they need.