Across all industries, companies are expected to comply with a variety of statutes. A breach of a statute could result in the company facing an investigation or prosecution by a regulatory body and subsequently the imposition of a fine or penalty.

Even with the best internal policies in place, there remains an ongoing risk that a company may face exposure due to unintentionally breaching a statute. Such exposures can arise not only from the actions of the company itself but also from the acts of its directors, officers and employees.

Statutory Liability & Legal Costs policy is designed to protect the insured company and its directors, officers or employees from an insurable loss incurred as a consequence of a wrongful breach of statute.

The cover provided will include insurable statutory fines or penalties and the legal costs incurred defending a claim which alleges a wrongful breach of statute. In addition, cover includes the costs incurred attending any regulatory investigation.