Future Generali Directors & Officers Insurance
Future Generali Directors & Officers Liability Insurance is designed to extend all-around protection to company leaders against legal liabilities resulting from their managerial decisions and actions.
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Features of Future Generali Directors & Officers Insurance
Here are the key highlights of the policy:
- Employment Practice Claims: The policy covers claims related to employment practices, such as wrongful dismissal, discrimination, or harassment.
- Discovery Period: The policy allows for a discovery period. It is an additional time provided after the end of the policy. During this period, you can still file a claim, provided the wrongful act occurred within the policy period.
- Worldwide Coverage: It covers claims filed anywhere in the world, subject to Indian law and jurisdiction.
- Automatic Cover for New Subsidiaries: If your company acquires or creates a new subsidiary during the policy period, the directors of that subsidiary are automatically covered under the policy.
Future Generali Directors & Officers Insurance InclusionsÂ
Future Generali Directors & Officers Insurance covers the following scenarios under the policy:
- Directors and Officers Liability: It covers losses from liabilities against insured individuals for wrongful acts in their capacity as directors, officers, or employees.
- Company Reimbursement: The policy reimburses the company for losses when it compensates insured individuals for claims related to wrongful acts.
- Defence Costs: It pays for the necessary legal fees and expenses incurred by the company.
- Outside Directorships: Future Generali Directors & Officers Insurance extends protection to insured individuals acting as directors or equivalent positions in outside entities at the company's request.
- Heirs, Estates, and Legal Representatives: It protects the estates and legal representatives of insured individuals in the event of death, incompetency, insolvency, or bankruptcy.
Disclaimer: This is not a complete list. Please read the policy wording carefully for full details on all inclusions.
Future Generali Directors & Officers Insurance Exclusions
Future Generali Directors & Officers Insurance does not cover the following scenarios:
- Claims arising from known wrongful acts: Any claim arising out of, based upon, or attributable to any wrongful act or circumstance that was known prior to the policy inception is not covered.
- Fraudulent or Dishonest Acts: The policy excludes any loss arising from the policyholder's fraudulent, dishonest, or criminal act.
- Personal Advantage: Any loss arising from an insured gaining personal profit or advantage to which they were not legally entitled.
- Pollution: The policy does not cover claims related to the release or spread of pollutants, whether it is actual, claimed, or even just a threat.
Disclaimer: This is not a complete list. For full details on all exclusions, please refer to the policy wording.Â
Future Generali Directors & Officers Insurance Claim Process
Here is how the claim process works:
- Notification: Provide written notice to Future Generali as soon as possible during the policy period or the discovery period.
- Details: Include every detail related to the claim, including dates and persons involved.
- Documentation: Submit all the required documents according to the document checking provided by your insurance provider.
- Inspection: Then, Future Generali will verify your claim and documents.
- Settlement: If approved, the claim amount will be reimbursed.
Note: Get the written consent of Future Generali before incurring any defence costs. Do not admit liability or settle any claim without Future Generali's prior written consent.
Future Generali Directors & Officers Insurance: FAQs
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1. Who is considered an 'insured' under Future Generali Directors & Officers Insurance?
Ans: Any individual who is a current, former, or future director, officer, or employee of the company.
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2. What is a wrongful act?
Ans: A wrongful act means anything wrong or careless a director or officer is accused of doing at work, such as making a mistake, missing something important, giving wrong or confusing information, or not doing their job properly.
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3. Does the policy cover pollution-related claims?
Ans: No, claims arising from the actual, alleged, or threatened discharge, dispersal, release, or escape of pollutants are excluded from policy.
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4. What is the Severability Clause?
Ans: It means that the knowledge or actions of one insured person do not affect the coverage of other insured persons under the policy.
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5. Is cyber liability covered under Future Generali Directors & Officers Insurance?
Ans: No, this policy is focused on managerial decisions and wrongful acts. For cyber liability coverage, you need to purchase a separate Cyber Security Insurance Policy.
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