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In the best interests of your Organization

Directors and Officers Liability Insurance

The Directors and Officers policy by Liberty Videocon General Insurance is a cover for the personal liability arising due to claims brought against Directors, Officers and Employees for actual or alleged misstatements, neglect, errors or breach of duty in their managerial capacity.

Features & Benefits

  • The Directors & Officers Liability Insurance policy insures members of the board of directors, the management and employee performing a supervisory or managerial role in a company against personal liability and defense costs incurred from claims alleging them to have committed a wrongful act in the line of their duties for the company.

    Some specific exposures that make the policy necessary include vulnerability to shareholder and their claims, discrimination allegations, regulatory investigations, corporate governance requirements, compliance with legal statuses and other employment practice violations.

    The defense costs are also covered under the Directors and Officers Liability Insurance policy and are payable in advance of the final judgment.

Coverage

The policy insures the directors and officers in a company against personal liability and defense costs incurred from claims alleging them to have committed a wrongful act in the line of their duties for the company. Moreover, the cover can be extended to include the following:

  • The loss incurred by the insured person due to his legal liability as a result of a claim alleging him to have performed a wrongful act, unless the insured is entitled to be covered by the company for such loss.

  • If the company is legally required to indemnify the insured for losses in such cases, then we pay the amount of that indemnity on behalf of the company.

  • We also pay the defense costs experienced in respect to a claim made under the above mentioned policy conditions.

Extensions

The Policy can be extended to include the following by paying an extra premium on the basis of risk exposure. Also, note that the company can ruminate certain additional extensions if the insured requests.

Inquiry Representation Costs:

It will cover the costs incurred by the insured in preparing for and appearing for an Inquiry, which may be an official investigation, administrative or regulatory proceeding or examination into the affairs of the Company. These costs will however, not include salaries, travel, wages and accommodation expenses of the insured person.

Spouses and Executors:

This extends the Policy’s coverage to the lawful spouse, executors, heirs, administrators or legal representatives of the insured; only in case of a claim is made out of a wrongful act of the insured individual.

Outside Directorship:

This extension allows the insured to remain covered even as he is acting in capacity of a director or officer of an Outside Entity, provided it is at the specific request (with a written approval) of the company.

Former Directors and Officers​:

The policy, under this extension, can cover the former directors and officers of a company.

Pollution Defence Costs:

It will cover the defense costs, which the person may incurs during defending a claim correlated to the actual or alleged dispersal, discharge, escape or release of any pollutants.

Shareholder Pollution Claims:

This extension will cover the loss experienced due to payable legal liabilities that occur as a result of the claim made, either directly or derivatively, by any shareholder of the company. The claim being an allegation of loss to the company or its shareholders due to any actual or alleged dispersal, discharge, escape or release of any pollutants.

New Subsidiaries:

This covers any company which might have become a subsidiary during the Policy tenure, subject to certain terms and conditions mentioned in detail under the Policy wordings.

Extended Policy Period:

The insured, under this policy extension, can request for a policy period extension of 84 months in case a change in control occurs during the initial tenure of the policy.


Most of the above mentioned cover extensions have a sub-limit which forms a part of the Limit of Indemnity. Plus, this list states only a few major extensions; you can check the policy wordings for a detailed list of inclusions & other details relating to them.

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Registration Number: 150 | ARN- ADVT/2017/May/22 | CIN: U66000MH2010PLC209656

© 2017 Liberty Videocon General Insurance Co. Ltd.

Reg Office: 10th floor, Tower A, Penisuala Business Park, Ganpat Rao Kadam Marg, Lower Parel, Mumbai - 400013

Trade Logo displayed above belongs to Liberty Mutual and used by the Liberty Videocon General Insurance Company Limited under license. For more details on risk factors, terms & conditions please read sales brochure carefully before concluding a sale.