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What is Directors & Officers Liability Insurance?
Directors’ and Officers’ (D&O) Liability insurance covers directors and officers for financial losses arising from actual or alleged wrongful acts. It includes cover for defense costs and expenses, investigation costs and extradition costs.
The insurance is closely related to corporate governance, corporate law, and the fiduciary duty owed to shareholders or other beneficiaries.
Advantage of Taking Cover
- Protect the personal assets of directors and officers
- Protect corporate assets
- Attract and keep talented directors and officers
What is covered?
D & O Policy is in Two Sections
- The first Section protects the Directors personally when they cannot be reimbursed by the Company
- The second section protects the Company but only when they are able to reimburse the Directors or Officers
The policy covers “wrongful acts” which includes actual or alleged error, act, and misleading statement, breach of duty, omissions or misstatements while acting for the organization.
D&O policies are written on a claims-made basis.
The policy is on a ‘claims made’ basis. ‘Claims made’ means that Coverage will respond to incidents arising on or after the policy retroactive date and which are reported during the term of the policy.
What is not covered?
Extensions Available
- Advanced defense costs
- Retired directors and officers
- Spouse, heirs and legal representatives
- Public relation expenses
Period of Insurance
The coverage is provided for a period of 12 months.
Deductible
A deductible for each and every loss as per the policy.
Important Information
Please note that for the easy understanding of the insurance policy, we have highlighted the important aspects. We will be glad to receive your queries and discuss the full set of policy terms, conditions and exclusions.
For more information, please contact ( Premier Insurance Broker ) at +971 2 658 8880.
Claim Settlement
The insurer will pay on behalf of Directors or Officers for losses resulting from a claim made against them arising out of a wrongful act committed. Losses include defense costs and any award.
You must alert us of any accident that may lead to a claim covered under the policy, and our team of experts will assist you in the quick settlement of the claim.
In case of a claim
- Inform us of any potential claim immediately upon occurrence of incident or when brought to your notice.
- Do not admit any liability or make any offer, promise or payment.
- Do not release the other party from any of their responsibility.
- Seek our advice prior to any action.
Call us as soon as possible, in case of an accident, and our team of experts will guide you through the claim process. For more information, please contact ( Premier Insurance Broker ) at +971 2 658 8880.
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