Mobile app from Munich Re designed to familiarize directors, officers with liability issues

Reinsurer Munich Re announced this week the availability of a mobile app for Apple iOS devices designed to give corporate managers information on directors’ and officers’ liability.

The app, called Munich Re D&O Scout, lets corporate directors and officers “quickly gain an overview of their personal risk,” Munich Re stated in a press release Monday.

A version for devices running on Google Inc.’s Android operating system is under development.

D&O Scout is available from the Apple Store.

It “provides background information” on D&O liability. “In addition, the interactive application asks about and evaluates the most important factors that influence a manager’s risk,” Munich Re adds.

“After completion of the survey, the manager receives a general assessment of his/her risk – personally and discretely,” Munich Re announced. “In a game-like test of knowledge, the manager can uncover any information gaps.”

The risk assessment “does not apply to any specific territory or legal environment, but can be applied to most of the concerned territories,” a Munich Re Canada spokesperson told Canadian Underwriter.

Munich Re D&O Scout lets users find contact information for “primary insurers with global know-how,” Munich Re stated in its release.

Those contact companies “are mostly licenced in Canada as well,” the Munich Re Canada spokesperson said.

“Shareholders, employees, regulators, clients and competitors are increasingly taking legal action to hold decision-makers in companies liable for their decisions,” Munich Re said in its release. “The multitude of laws and regulations make it difficult for directors and officers to constantly keep an eye on all legal requirements, and particularly so, if a company operates internationally or globally. The risks become particularly great for decision-makers with company takeovers.”

Munich Re D&O Scout “is no substitute for expert advice from lawyers and primary insurers,” Munich Re noted. “However, it provides a basis for managers to familiarise themselves with the subject matter, in order to seek tailor-made insurance protection.”