Directors and Officers Liability Policy
The Directors and Officers liability policy stands out to bail out the
directors or officers in the times of difficulty when they are sued for damages
for allegedly taking wrong decisions. However, the risks associated with such policies
are a plenty.
- Unfair trading, Illegal price fixing
- Infringement of copyright or patent law
- Abuse of authority
- Mismanagement
- Controversial financial transactions.
- Misstatements
- Breach of confidentiality
- Libel and slander cases.
The Directors and Officers Liability Policy thus covers
- The damages awarded against the directors
- The defence costs.
- Insurers also cover criminal allegations but only
if the director is found innocent
Such liabilities may arise out of legal action from Shareholders, Investigation
by regulatory bodies, Competitors, Consumers and Clients, Employees Third
parties.
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Professional Indemnity Policy
This policy is meant for professionals to cover liability falling on them
as a result of errors and omissions committed by them whilst rendering professional
service.
The policy offers a benefit of Retroactive period on continuous renewal
of policy whereby claims reported in subsequent renewal but pertaining to
earlier period after first inception of the policy, also become payable.
Group policies can also be issued covering members of one profession. Group
discount in premium is available depending upon the number of members covered.
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Products Liability Policy
This policy covers all sums (inclusive of defence costs) which the insured
becomes legally liable to pay as damages as a consequence of:
- Accidental death / bodily injury or disease to any third party.
- Accidental damage to property belonging to a third party.
Arising out of any defect in the product manufactured by the insured and
specifically mentioned in the policy after such product has left the insured's
premises.
The policy offers the benefit of retroactive period on continuous renewal
of policy whereby claims reported in subsequent renewal but pertaining to
earlier period after first inception of policy, also become payable.
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Commercial General / Public Liability Policy
This policy covers the amount which the insured becomes legally liable
to pay as damages to third parties as a result of accidental death, bodily
injury, loss or damage to the property belonging to a third party. The legal
cost and expenses incurred in defending the case with prior consent of the
insurance company are also payable subject to certain terms and conditions.
One can insure more than one unit situated in different locations under
a single policy.
The policy offers a benefit of Retroactive period on continuous renewal
of policy whereby claims reported in subsequent renewal but pertaining to
earlier period after first inception of the policy, also become payable.
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