NB:
Quote:
On 25 June 2004, Airservices Australia gave an indemnity to present, past and future directors and officers of the corporation on certain terms and conditions in relation to claims arising in connection with them being a director or officer of Airservices Australia. This indemnity continues in force.
Is this normal in other organisations? Can I please have indemnity insurance in case I'm incompetent/not paying attention/asleep at the wheel?
Yes it's normal practice - called Directors and Officers Indemnity Insurance. No sane person would ever become a Director or company officer (eg: Company Secretary, Finance Manager, CEO) without such insurance. It covers you against legal costs of being sued over actions you may have taken in good faith.
It doesn't protect you if it can be shown that you have been a lying weasel, either lying to your insurer (there is a requirement for complete disclosure of your circumstances) or lying to your fellow Officers or Directors or someone else.