Directors & Officers Liability Insurance
Liability Insurance for the Errors, Omissions and other wrongful acts of the Directors and
Officers has been available since the early 1960s.
What is at stake?
- - Legal liability of the directors and officers
- • Towards Damages and claim expenses
- • for any actual or alleged wrongful act in their capacity as directors and officers
- - Corporate Reimbursement
- - Protects personal assets of Directors / officers From losses
What is covered
- - Wrong, actual or alleged act
- - Omissions / error / judgment / misstatement / misleading statement / neglect / breach of duty
- • While working on behalf of entity
Who is covered?
- - Past / present / Future director, honorary director, trustee 306
- - Legal obligation for insured to pay
- • Pre – post judgement interest
- • Punitive / Exemplary damage (Insurable under law)
- • Damages ® to pay compensation for legal liability ® to third parties ® arising out of wrongful act committed and claim made during the period of insurance Claimants Costs and Fees ® in accordance with Indian/other Law and claimed against the insured
- • Defence costs incurred by the Insured for Investigation, defence or settlement of any claim against him with prior consent
- • Cost of representation incurred by the Insured at any Inquiry or other proceedings relating to the claim against the Insured