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Certain managers or employees may play a particularly decisive role in the development or operation of a company, due to the position they hold or the skills they possess, and are considered to be key persons for the company. The death of a key person or the occurrence of an event resulting in disability or incapacity can seriously disrupt the company's business and growth:
Financial losses
The death or unavailability of a ‘Key Person’ can have a significant impact on the company's financial results and generate operating losses and additional operating costs (communication costs, recruitment and replacement costs, etc.).
Reputation risk
The death or unavailability of a ‘Key Man’ can also damage the company's image and arouse the mistrust of customers, business partners and banks.
Companies can take out a policy commonly known as ‘KEY MAN’ insurance to protect their business in the event of the death, total and irreversible loss of autonomy, disability or incapacity (depending on the plan chosen) of a person (manager and/or employee) defined as ‘key’. It guarantees the payment to the company of a specified capital sum or a daily allowance to compensate for the financial loss suffered by the company, which it can dispose of freely.
What are the guarantees?
- Main benefits : death : payment of the guaranteed capital sum on the day of the insured's death
- Additional cover :
- Total and irreversible loss of autonomy (PTIA): payment of the sum insured on the day of consolidation of the total and irreversible loss of autonomy.
- Doubling of the sum insured in the event of death or total and irreversible loss as a result of an accident
- Permanent total disability of a degree equal to or greater than a certain threshold (IPT): payment of the capital sum guaranteed on the day of consolidation of the permanent total disability.
- Temporary total disability (ITT): payment of daily allowances, the amount and duration of which depend on the option chosen and the insured's age.
Our clients
- The company, as the beneficiary of the guarantees taken out on the life of the key person or key people defined in the contract.
Why choose Howden?
- Understanding your challenges: precise knowledge of your business sector and the risks to which companies are exposed
- Global approach: a 360-degree approach integrating advice, investment, management, and support in case of claims
- Expertise: a team of Key Man Insurance specialists integrated into our customers' service teams at all times
- Responsiveness & Availability: Teams of experts in their respective fields. The individual experience of each one is at your disposal to manage your exhibitions and optimize your insurance protections.
- Support at all stages of your development From the initial funding to your international development, all the way to going public on a French or foreign market.
- Adaptation & Network: local expertise through our regional offices and access to our integrated international Howden One network present in over 100 countries
- Defense of your interests: a commitment to short settlement times, a solid legal approach to guarantee the protection of your rights and interests, a network of specialised claims managers in France and abroad
Examples of claims
Facts: The CEO of a digital transformation consultancy died suddenly. His death led to disorganisation within the company and then paralysis due to disagreements between the management bodies. The company had to call in an interim manager to overcome its difficulties and a communications consultant to reassure the company's customers.
Items covered :
Payment to the company of the amount of the guaranteed capital, which enabled it in particular to cover the costs associated with recruiting the interim manager and the costs of the communications consultant.
Facts: The property development director of a company whose main activity was the development of new housing projects had a serious accident that resulted in his being temporarily incapacitated for almost 18 months. During this period, the company experienced financial difficulties linked to a slowdown in the development of new projects and delays in the delivery of housing due to the director's unavailability.
Items covered :
Payment of a daily allowance to the company during the period of the director's unavailability.
Contact
Didier Seigneur
Didier Seigneur
Director of Financial Risks Department
With over two years' experience at Gerling America Insurance CY in New York, specializing in Liability underwriting, Didier later joined Aon Mergers & Acquisitions Paris as Deputy Director, driving the growth of Insurance Warranty and Tax Opinion products. Progressing to AIG Europe Limited France in 2002, he assumed various management roles in Financial Risk guarantees. In 2010, he took the helm as Director of AIG France's Financial Risks division, extending his leadership to Belgium, Luxembourg, and the Netherlands in 2014.
In 2014, he ventured into entrepreneurship and played a key role in acquiring CRF Assurances. Seven exciting years later, Didier now thrives as Deputy General Manager of CRF Assurances and Director of Financial Lines at Howden France.
