Directors & Officers Liability Insurance


Directors & Officers Liability Insurance

Main features:

• Indemnification Cover for Directors & Officers - Indemnifies the individuals for their wrongful act

• Company Reimbursement Cover - Indemnifies the company for any payment they make on behalf of their Directors / Officers for any wrongful act of the Director/Officer

• Policy does not cover company's direct liability - unless Entity Extension is granted

• Claim means

        • A written demand for monetary damages

        • A civil proceeding commenced by the service of a complaint, summons, statement of claim, or similar pleading

        • A criminal proceeding commenced by a summons or charge

        • A formal administrative or regulatory proceeding commenced by the filing of a notice of charges, formal investigative order, or similar document against any Insured Person for a Wrongful Act, including any appeal therefrom.

• Payment of Defence Costs / Damage

• Loss

        • The total amount which any Insured person becomes legally obligated to pay on account of each claim made against them for Wrongful Acts for which coverage applies including but not limited to damage, judgments, settlements, and defense costs

• Wrongful Act

        • Error, misleading statement, neglect, errors, and omissions

        • Breach of duty

        • Breach of trust

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