DIRECTORS & OFFICERS LIABILITY INSURANCE POLICY

Being a director or an officer of a company is a high risk profession. If held personally liable for their own and fellow Directors' decisions, one could face serious financial loss through litigation from shareholders, creditors, competitors, suppliers, regulatory bodies, etc.

Directors' and Officers' Liability policy offers security and protection. The policy can advance defence costs as they are incurred.

WHO IS COVERED?

• Directors
• Officers
• Company secretaries
• Other persons employed in an executive capacity

THESE ARE AUTOMATICALLY INCLUDED WITH EVERY CLASSIC D&O LIABILITY POLICY:

• Management Liability
• Management indemnification
• Non-Profit outside Directorship Liability
• Estates and legal representatives of incapacitated or deceased insured individuals covered
• Spousal Liability extension
• Cover for the creation or acquisition of new Subsidiary companies (effective from the date of acquisition or creation)

BROAD DEFINITION OF WRONGFUL ACTS:

Get cover against errors, misstatements, misleading statements, acts, omissions, neglect, and breach of duty/breach of trust on part of insured individuals. And any matter claimed against insured individuals solely by reason of their serving as an insured individual.

THE DEFINITION OF CLAIM COVERS:

• Written demands for monetary damages
• Civil law suits or criminal proceedings
• Formal investigations by regulatory bodies

DIRECTORS & OFFICERS LIABILITY INSURANCE POLICY

The comprehensive policy to cover your business from liability claims. It covers both the product and the premises. General Liability cover is offered and the coverage is extended beyond primary bodily injury and property damage. It provides reputation damage coverage towards third parties. A first and third party loss occurring due to fire during your business operations. No-fault provision of providing primary medical care for accidental injuries. The maximum LOI is INR 35 Crores.
Policies issued shall cover all sums which the Insured shall become legally liable to pay as damages in consequence of accidental death/bodily injury or disease to Third Parties and/or loss of or damage to third party property arising out of:

• Any defect in the products manufactured and covered under the Policy after such products have left the Insured’s premises.
• Arising out of accidents occurring in the insured premises and other than your named premises wherever the insured conducts his business/operations.

PROFESSIONAL INDEMNITY INSURANCE POLICY

Professional Indemnity Insurance is a type of business insurance that covers the insured against damages to the Third Party in respect of errors and or omissions on the part of the Insured whilst rendering professional services. The cover includes legal costs and expenses incurred with our prior consent.

• Architects & Engineers providing Design consultancy only
• Management Consultants
• Interior Decorators
• Network Integration & Design
• Project Consultants (Excluding construction)
• Study & Survey Associations
• Manpower Consultants Excluding Fraud & Dishonesty Cover

PUBLIC LIABILITY INSURANCE

Public Liability Insurance Offers Cover For Third Party Liabilities (Bodily Injury / Property Damage) Arising Out Of The Premises And Operations Of The Insured And Legal Costs Incurred In Connection Therewith

PUBLIC LIABILITY INSURANCE CAN BE TAKEN BY:

• Public Liability Industrial Risks - For Manufacturing Units
• Public Liability Non Industrial Risks - For Non-Manufacturing entities like IT companies, BPOs, Hotels, Schools, Restaurants and Clubs
• Public Liability Act - For all business units handling hazardous substances as per Public Liability Act, 1991 and the rules framed there under

For more comprehensive protection Public Liability Policy can be extended to cover legal expenses arising out of:

• Sudden & Accidental Pollution
• Act of God Perils
• Transportation
• Carriage of Treated Effluents etc
• Coverage for Defense Cost Incurred with Prior Consent
• Benefit of Retroactive Date

WORKMEN’S COMPENSATION INSURANCE

The Workmen’s Compensation Insurance Business in India is controlled by the Workmen’s Compensation Insurance Tariff (W.C.Tariff). The Tariff provides for two types of Insurance as follows:

• This policy provides indemnity to the Insured if any employee in the Insured’s immediate service shall sustain bodily injury by accident or contracts disease arising out of and in the course of his employment by the Insured in the Business and if the Insured shall be liable to pay compensation for such injury either under.


• This Policy provides indemnity to the Insured against their legal liability under the Fatal Accidents Act, 1855, and at Common Law. (This Policy is not issued to cover employees who fall within the definition of “workmen” under the Workmen’s Compensation Act, 1923, as amended).