In today’s evolving highly litigious global environment, every director and officer is a potential target and as a result their personal assets are also at stake. This personal liability of senior executives can be protected by way of insurance. This insurance policy protects the directors & officers of a corporation from liability in the event of a claim or lawsuit against them claiming wrong doing in connection with the company’s business.
Directors & Officers Liability Insurance offers protection against such circumstances tailor made to your needs.
Who is Protected
- All Directors(past, present and future)
- All Officers(employed in an executive capacity)
- Company Secretaries
- Spouse, Estates, LegalHeirs and Representatives
Who is Protected
Policy Features
- Broad claims definition
- Outside directorship
- Legal representation expenses
- Automatic inclusion ofsubsidiaries
- Retroactive date
- Advancement of defense costs-30 days
- Insured's have right to choose their own counsel subject to prior approval
Exclusions
- Pending or prior litigation demands or judgments
- Claim reported under a prior insurance policy
- Claims against the fiduciaries or administrators of any retirement or employee benefit plan
- Bodily injury or property damage claims
- Absolute professional indemnity claims
- Deliberate criminal or fraudulent act or omission or willful violation of statute orregulation where established at final adjudication
- Breaches of insider trader legislations
- Illegal personal profits, remuneration or advantage where established infact
- Fines, penalties or multiple damages
What is a Claim
This insurance policy protects the Directors and Officers of a company against:
- Written demand for monetary damages
- Demand for non pecuniary relief
- Any civil proceeding / arbitration / criminal proceedings
- Formal administrative proceedings