Interim executive · PII

PI insurance for UK interim CFOs, CEOs and senior executives

Reviewed by Matthew Bartlett, Director, Apex Insurance Brokers Limited (FCA FRN 724952) · Published 14 July 2026

Interim executives — CFOs, CEOs, COOs, senior interim managers — sit at the intersection of professional advisory and corporate governance. The role is short-term but the personal exposure can be significant. This page sets out how PI insurance responds and how it interacts with D&O.

Who this applies to

  1. Interim CFOs covering permanent-CFO absence, transition, or acquisition integration.
  2. Interim CEOs during founder transition, restructuring or turnaround.
  3. Portfolio interim executives serving 2-4 boards concurrently.
  4. Interim finance directors, operations directors, HR directors, IT directors.
  5. Executives on secondment to portfolio companies via private equity or advisory firms.

The dual PI + D&O position

  1. PI cover. Responds to professional advisory activity — specific expertise given to the company that a claimant relies on.
  2. D&O cover. Responds to statutory director duties and corporate governance decisions.
  3. Interim executives typically need both. Their role blends advisory work with statutory director responsibility.
  4. Company-provided D&O covers the role at that company; leaves gaps between engagements and portfolio interim scenarios.
  5. Personal cover bridges gaps and provides continuity across the interim career.

The company-provided D&O limitations

  1. Only responds while the company is solvent and D&O is funded.
  2. Insolvency scenarios — where interim CFOs and CEOs are most exposed to claims — are exactly when company D&O may fail.
  3. Post-cessation runoff may or may not cover departed interim executives.
  4. Portfolio interim scenarios face multiple overlapping D&O policies with potential gaps.

Personal PI cover options

  1. Standalone interim executive PI covering advisory activity across the interim career.
  2. Personal Side A D&O covering personal liability when company cover fails.
  3. Combined PI + Side A policies for portfolio interims.
  4. Runoff and prior-role tail cover where the interim continues to face exposure from earlier appointments.

Common claim triggers

  1. Financial reporting or forecasting. Interim CFO's work challenged post-appointment.
  2. Restructuring decisions. Interim CEO's turnaround plan alleged to have caused loss.
  3. Statutory director duties. Breach of Companies Act 2006 duties, wrongful trading under Insolvency Act.
  4. Employment law. Interim director's decisions on personnel challenged.
  5. Regulatory. Where the company is FCA-authorised or sector-regulated, personal accountability under SMCR or equivalent.

Getting cover in place

  1. At the start of an interim career — not at the first engagement.
  2. Personal cover portable across multiple engagements.
  3. Confirm each company's D&O position at appointment.
  4. Deed of indemnity from each company covering the interim role.
  5. Regular review as portfolio and exposure evolves.

Frequently asked

Do interim executives need their own PI insurance?
Depends on the role structure. Where the interim executive is engaged via a services company or on a professional-services basis, personal PI cover is typically prudent. Direct-employment interim arrangements may rely on the company's cover.
Isn't D&O enough for an interim CFO or CEO?
For pure oversight work, D&O may be adequate. For interim roles involving professional advisory activity beyond board attendance, PI adds important protection. Portfolio interim executives typically need both.
Does my services company's PI cover me as an interim CFO?
If you contract via a personal services company, that company's PI covers its services activity. Whether it covers your personal statutory director duties depends on the wording — typically PI covers advisory, not statutory duty.
What is Side A D&O cover and do I need it?
Side A D&O responds specifically when the company cannot indemnify (typically insolvency) or when the company D&O has failed. Prudent for interim executives at higher-risk companies (loss-making, growth-stage, turnaround).
How does the deed of indemnity work?
Contractual undertaking from the company to indemnify the executive for liabilities incurred in the role, subject to Companies Act 2006 section 234 limits. Combined with D&O, provides layered protection.
What if I do interim work through a private equity portfolio company?
PE-backed portfolio companies typically have D&O in place, sometimes with side A elements. Confirm the specific cover position at appointment. Personal PI cover provides continuity across the interim portfolio.
Does immunity or company indemnity affect my PI need?
Corporate indemnity provisions are useful but limited by Companies Act 2006 s.234 and the company's ability to pay. PI provides insured funding of defence and settlement independent of corporate solvency.
How much cover do interim CFOs and CEOs typically hold?
PI at £1m-£5m per claim; Side A D&O at £5m-£25m depending on portfolio scale. Larger interim engagements with public-company boards attract higher cover.

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