Directors & Officers Liability Insurance

Policy Details:
The Policy protects directors, officers or the Company against legal claims for wrongful acts performed by directors or officers in performing their corporate duties. Wrongful acts include omissions, errors, misstatements, misleading statements, neglect or breach of duty.

Highlights

The Policy protects directors, officers or the Company against legal claims for wrongful acts performed by directors or officers in performing their corporate duties. Wrongful acts include omissions, errors, misstatements, misleading statements, neglect or breach of duty.

Duties of the Director/Officer include
Statutory duty to act honestly and diligently in the discharge of their duties
Fiduciary duty of good faith
Duty to exercise care and skill

Who can take the Policy?
Public companies, Private companies, Non-profit enterprises

Extensions/Add-ons:

1. Employment Practice Liability Insurance (EPLI)
2. Entity EPLI
3. Corporate Tax Liability
4. Assets and Liberty Costs
5. Spouse, Legal Heirs, Estates
6. Outside Directorship Coverage

Special Conditions:

1. Claims Made Policy: The actual claim must be made within the Policy
Period and the occurrence of the loss cannot have happened before
Retroactive Date
2. Territory and Jurisdiction for the purpose of the Policy will be defined in
the Policy
3. Amount expended by Insurer in the defiance, settlement etc., will
reduce the limits of indemnity under the policy

Pre-Acceptance Requirements:
Duly filled Proposal form
Last 3 years Audited Financial statements
Any other information required by the company

[Covered]

Section AProvides coverage directly to the directors and officers for loss – including defense costs – resulting from claims made against them for their wrongful acts except for and to the extent that the Company has indemnified the Director and Officers

Section B
Reimburses the company to the extent that the insured shall be required to indemnify the directors and officers (pursuant to law) for claims against them

[Exclusions]

Any bodily injury ,sickness, disease or death of any person or any damage to tangible property
Personal guarantee.
Libel and slander
Personal injury and damage to property.
Pollution damage
Directly resulting from goods or products manufactured or sold by the company
Fines, penalties, punitive or exemplary damages.
Insured v. insured claims
Prior acts
Prior and pending litigation
Professional liability
Terrorism