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Director's & Officer's
Liability Insurance |
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| Director's & officer's
Liability Insurance |
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| Introduction |
| This cover is suitable for
those Directors & key officers who are in a decision
-making position. These directors and officers in pursuance
of their duties may take some actions which may be in
violation of certain statutes or Indian Laws. |
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| Legal liability
to a Third party may arise in case of claims by |
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Shareholders |
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Enforcement Directorate and other
Government bodies |
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Competitors |
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Customers and Clients |
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Employees |
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Other Third Parties |
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| Scope |
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Against any loss that
the Organization may incur, on account of mistaken
actions taken in their individual capacity as Directors
& Officers in pursuance of their duties under
Memorandum and Articles of Association. |
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Against loss arising from claims made
against them by reason of any wrongful Act in their
Official capacity. |
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Legal costs & expenses incurred
with the written consent of the insurers arising
out of prosecution (criminal or otherwise) of any
Director / officer and attendance at any investigation,
examination, inquiry or other proceedings by the
authority empowered to do so. |
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Expenses incurred by any shareholder
of the Company in pursuance of a claim against any
Director / Officer, which the Company is legally
obliged to pay, pursuant to an order of a Court. |
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| Provide indemnity
to the estate of, legal heirs or legal representatives
of the Director / officer in the event of the Director
/ officer becoming insolvent. |
| Sum Insured |
| The policy is a subject
to the terms and conditions, advance defense costs and
allows for settlements / judgements / awards against insured
persons for their wrongful acts. |
| Premium |
| Premium
chargeable depends on the: |
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Limits of indemnity |
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Industry of the proposer |
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Management perception to various stakeholders |
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Capital structure of company: Source
of Shareholder funds - Foreign v/s Domestic exposure,
Debt structure |
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Credit rating of the company to honor
future financial commitments |
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Clientele of the proposer |
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Annual turnover |
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Auditors of the company |
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Information gathered about the company
from public sources |
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| Principal Exclusions |
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Dishonest, fraudulent,
criminal, or malicious act, deliberate crimes /
frauds, etc |
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Libel and slander and damage to property |
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Major shareholders exclusion |
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Cross Liability |
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Pollution Claims (Can cover defense
cost) |
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Nuclear Risks, War / Terrorism |
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Share / Bid issue |
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Bodily injury and Property damages |
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Copy right / patents infringement |
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Claims under last year policy. |
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Prior Acts / Prior Litigations (Can
be insured if facts disclosed) |
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D&O of other company / Parent
co. |
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Personal Profits or other benefits |
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| Extensions |
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The Standard
Extensions are |
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Outside Directorship |
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Joint Property Liability |
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Heirs estates and legal representatives |
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New Subsidiaries |
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Representation at investigations and examinations |
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Discovery period |
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The Standard Extensions
are |
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Entity Covers for Security and
EPLI Claims |
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Pollution Defense cost |
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World wide jurisdiction |
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Premium Calculation