Assignment text
Boligbygg Oslo KF (Boligbygg) needs directors and officers liability insurance on general terms for the board in Boligbygg. We would like minimum NOK 100 million in the insurance sum and Boligbygg will also consider up to NOK 200 million.
There is no existing directors and officers liability insurance, as Oslo Municipality did not previously allow this. Boligbygg has clarified that Oslo Forsikring AS cannot offer directors and officers liability insurance. There is, therefore, a need to procure directors and officers liability insurance in the market.
As a municipal company is part of the municipality, and a municipality cannot be declared bankrupt, it is assumed that it will not be practical for third persons to file claims against board members in a KF than in other companies. Furthermore, the municipality has employer liability for the board members and will be liable for damage that the board members intentionally or negligently inflicts on others, unless they act outside their post.