Directors’ and Officers’ Liability Insurance, often referred to as D&O Insurance, is one type of liability insurance whose beneficiaries are the directors and key officers of a company or the company itself. The payment of this liability insurance is made in order to cover various costs of a lawsuit like damages, defense costs, lawyers’ fees, consequent losses etc .resulting from the wrongful acts and deeds of directors and officers of a company in their capacity as such. Such wrongful acts might be omissions, errors, misstatements, misleading statements, neglect or breach of duty by such directors or officers. Suits can be brought for various reasons by various stakeholders like the shareholders for insider trading, or shareholder derivative suits, by the creditors for Articles misrepresentation of financial health of the company, by competitors for unfair trade practices, by consumers for defector deficiency of product and services and by public organizations for various issues like pollution and other health hazards. Lawsuits covered may range from both civil and criminal suits to regulatory investigations and trials.
Directors and Officers of a Company against claims for wrongful acts in respect of their potential exposure to the personal liability which can arise in the course of performing their duties in their respective capacities.
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.
This policy shall be taken by Doctors and medical practitioners, .Medical establishments, Engineers, architects, Lawyers, advocates, Chartered accountants.
The Commercial General Liability insurance covers a wide range of Liability loss exposures faced by most organizations.
The policy offers the option of protection for bodily injury, property damage, advertising injury and personal injury to a third party for which a company is found to be legally liable.
Indemnify the Insured against legal liability to pay as damages to third party in respect of accidental death/bodily injury/disease and loss of or damage to property arising out of claims anywhere in India, in accordance with Indian law.
This policy only applies to claims for damages for Injury or Damage caused by an Accident that takes place at the Insured’s Premises, in accordance with the Operative Clause, but only such claims in connection with the Insured’s Business specified in the Schedule.
Information and network technology companies are facing greater risks than ever before - especially when it comes to product and service performance. Viz., payroll delays, foul-ups in the processing of records, losses of data, failures in delivery, all potentially caused by products or projects that have gone wrong. Getting what's wrong made right means huge expenses and business distractions to project owners, and they are increasingly turning to the courts for remedy.
The product liability policies generally cover consumer claims arising out of damages caused due to manufacturing defect, faulty design, insufficient explanation of warnings and safety related instructions.
However, there are few exclusions not being covered under the policy :
The policy covers statutory liability of an employer for the death of or bodily injuries or occupational diseases sustained by workmen in the Insured’s immediate service and arising out of and in the course of employment.
The policy covers legal liability of an employer under:
Workmen’s Compensation Act, 1923 and shall also be covered under Indian Fatal Accidents Act& Common Law.
The coverage under this policy is Death , Permanent total disablement, Permanent partial disablement, Temporary disablement, Legal costs and expenses incurred with the company’s consent.Medical cover shall be extended by paying additional premium.
Who can take these policies?
Any employer, whether as a principal or contractor, engaging “workmen” as defined in the Workmen’s Compensation Act. And or any employer of employees who do not qualify as “workmen” but share an employee-employer relationship.
General Insurance
