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The Need

No matter what size your business is or which industry you represent, good corporate governance is a must if you want to keep a firm hand on the course of your company to steer it into a successful future. King IV reinforces good corporate governance with accountability lying with the Directors’ and Offices’ and encourage an ethical culture, good performance and effective control. The main aim of King IV is to ensure that good corporate governance practises are sufficient. Good corporate governance defines the roles, authority and timing in key business decisions between shareholders, directors and the CEO, which lays the foundation for a highly organised future of success.

Section 78(7) of the Companies Act 71 of 2008 (“the Act”) makes provision for directors of companies incorporated in terms of the Act to maintain D&O Liability Insurance in respect of their potential liabilities arising out of the Act and other legislation. D&O Liability Insurance can briefly be defined as insurance that protects Directors' and Officers' from personal legal liability to third parties and the company in respect of claims arising out of wrongful acts committed by the Directors’ and Officers’ in their capacity as Directors’ and Officers’ of the company. D&O Liability Insurance is of vital importance and should be purchased by the company to protect its Directors’ and Officers’ from liability.

A risk management plan and D&O liability insurance are interdependent and interrelated approaches to risk and are equally important. A proactive and inclusive approach to risk is key to avoiding liability and minimising risk. 

The Solution

Lawsuits are all too common these days. Directors’ and Officers’ (D&O) Liability Insurance provides protection for the personal assets of Directors’ and Officers’ in the event they are personally sued in conjunction with the performance of their duties as they relate to the company, for actual or alleged wrongful acts. Since a Director can be held personally responsible for acts of the company, most Directors’ and Officers’ will demand to be protected rather than put their personal assets at stake. Think of Directors’ and Officers’ Insurance as a management Errors and Omissions policy.

The Cover

Insurance protection for: 

  • ‍Past, present and future directors, officers, prescribed officers, and employees acting in a managerial or supervisory capacity covering:


  • Awards
  • Legal defence costs
  • Investigation costs

Following an allegation of a wrongful act, including (but not limited to):

  • Error
  • Misstatement
  • Act/omission
  • Negligence
  • Breach of duty

Brought about by:

  • Shareholders
  • Stakeholders such as (but not limited to) employees, trade unions, government, creditors, competitors, and suppliers
  • Any other affected party

The Policy also covers the company:

  • When it indemnifies a Director or Officer
  • For securities litigation

Risk Management Services

Camargue’s unique M³ approach to insurance is geared towards managing, mitigating and migrating critical business risks – an outcome achieved through the provision of value-added risk benefits to policyholders. Notwithstanding the coverage provided in terms of the policy, the additional risk management benefits further enhance the Camargue product offering and go beyond simple insurance. The overall result is a well-rounded and complete solution to the risks faced in a commercial environment. 

Risk Management Services included in the Policy cover:

  • Private Arbitration Services    
    Offered through TOKISO Dispute Settlement – this service works towards fast, equitable resolution of disputes between the insured and their clients. As far as possible court proceedings are avoided saving time, money and more importantly reputation.
  • Membership of the Institute of Directors Southern Africa (IoDSA)    
    Sponsored membership for 5 executive board members
  • Corporate governance surveys
  • Sponsored training courses: being a Director 1 & 2

Important Documents:

Important Notice:

Please save the fillable PDF Proposal Form to your desktop before inserting information. If the proposal form is not saved accordingly, some information may be lost.

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