PRODUCTS
Directors’ and Officers’ risks – members of management can be held personally liable for their actions (or inaction) in management capacity. By court practice, members of management are subject to:
- civil (legal) liability which is unlimited (unlike for ordinary employees)
- duties in law: act with reasonable care; act in the best interests of the Company (and its’ creditors); avoid conflict of interest (company vs personal); maintain confidentiality; make sure Company complies with all applicable laws and regulations; duly organize Company activities; monitor and control contract performance; make calculated prudent decisions based on information available; etc.
- personal fines, inquiries and investigations from regulatory / governmental institutions
Directors’ and Officers’ Liability insurance provides personal protection to members of management in case of claims, fines, proceedings or investigations imposed against them by indemnifying their associated losses (including for their legal defence) or ultimately Aggrieved Persons (Company, its’ creditors or other persons prescribed by law) who incurred losses for which Insured Person is held liable.
Wording
Insurance product information document
Professional indemnity insurance is designed for services sector, whose business activities output (product/deliverable) manifests itself as intellectual work, consultancy, advice, design, specification, document, certificate, software, digital, information (as oppose to manual labour or tangible Products).
Professional Indemnity insurance covers claims made against You for losses caused to Your Clients or any other persons in the conduct of Your Professional Services, claiming You are liable for such loses.
In today’s ever more litigious society and with cross-border activities becoming commonplace, Professional Indemnity provides invaluable balance sheet protection in the event of a claim or a lawsuit initiated againt You.
Wording
Insurance product information document
General liability insurance covers legal liability of Insured for either:
- INJURY – death bodily injury illness or disease of or to any person
- DAMAGE – physical destruction, damage or loss of tangible property (belonging to others but not Insured Party)
- POLLUTION – damage to the environment
That arises from:
- the insured activities noted in the policy
- Active actions or refrainment from acting, negligence and gross negligence by the Insured or his employees
- Completed operations or PRODUCTS provided by Insured
- Premises (real estate owners) liability
