An insurance policy usually taken out by a company on behalf of its directors and officers to cover liabilities arising from their activities as directors or officers of the company, other than liabilities arising out of conduct involving a wilful breach of duty to the company or a contravention of their statutory duties in respect of use of position and use of information (see section 199B of the Corporations Act 2001 (Cth)).

For further information about directors' and officers' insurance, see Practice notes, Deed of access, indemnity and insurance for directors and Directors' and officers' liability insurance in Australia. For an example of a standard director's deed of access, indemnity and insurance, see Standard document, Deed of access, indemnity and insurance.