Liability insurance provides protection against claims resulting from injuries and damage to people and/or property. Liability insurance policies cover both legal costs and any legal payouts for which the insured would be responsible if found legally liable.
Directors & Officers Liability
Corporate Governance is a concept that has gained currency in today’s corporate World. Certain highly publicized cases have increased the scrutiny on managers of business enterprises as regulators and shareholders insist on lifting the corporate veil and making Directors and Officers more accountable for the actions they undertake on behalf of the organization. Failure to adequately discharge their fiduciary obligations, comply with legal requirements, or exercise reasonable care and skill in their actions as Directors may put their personal assets at risk.
DUTIES OF DIRECTORS & OFFICERS.
- Be satisfied that the directors are in a position to make informed decisions.
- Ensure that the directors never permit conflicts of interest and duty.
- Ensure that the directors are informed about the financial, social and political environment in which the company operates.
- Ensure that the directors exercise due care and skill.
- Ensure that the directors exercise the utmost good faith.
- Ensure that the Board papers are given to directors at least two weeks before the meeting.
- Ensure that there is balance of power.
WHO CAN SUE AND WHY?
- Shareholders- Disclosure, loss of earnings
- Employees- Wrongful dismissal, Sexual harassment
- Customers- Monopolies Act
- Competitors- Monopolies Act
- Regulatory Agencies- CMA, Commissioners of Insurance, Income Tax Commissioner.
- Government- Anti trust, Labour law, Environment laws.
- Completed Application and most latest audited financials
Employee Benefits Program
This policy covers any employee in the insured's immediate service sustaining bodily injury by accident or disease caused during the period of insurance and arising out of and in the course of his employment by the insured in the business and directly related to negligence or breach of common law or statutory duty by the employer.
Today's professionals work long and hard to develop successful businesses. Their entrepreneurial spirit is enviable. But there are times when what appears to be a minor mishap can erupt into a potentially devastating situation: A lawsuit.
We understand the position of these professionals. Our own entrepreneurial style is a dominant characteristic of our company. It is this understanding and our broad experience that makes us uniquely qualified to provide liability insurance to today's professional entrepreneurs.
Contrary to popular belief, you don't have to be wrong to be sued. Innocent targets can find defense to be an expensive proposition. Our policies cover the professional against the enormous costs of litigation as well as financial damages that may be awarded. Our experience and depth of knowledge enable us to analyze new markets and provide the kind of innovative and, when required, unique coverages expected of a leader.
Public/Products Insurance provides protection against claims arising from:
- Accidental bodily injury to any person
- Accidental loss of or damage to property
Happening in connection with the business and occurring within the territorial limits described and happening during the period of insurance. Since the promise to indemnify is the basis of the policy, strictly speaking Insurers are not liable to make payment until the Insured has been found "legally liable" to pay for damages.