ICICI Lombard Directors & Officers Insurance

ICICI Lombard Directors & Officers Insurance is a liability plan that protects a company's Directors, Officers and Employees from legal actions related to their corporate roles. It cover costs related to legal defence and other associated expenses sustained by a company in defending the leaders against lawsuits.

₹3 Crore insurance cover starting at ₹23,600/year⁺

Protect the board members of your company against

professional error

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Wallet-friendly plans
24/7 claim support
IRDAI-certified advisors

Features of ICICI Lombard Directors & Officers Insurance

Let's take you through the key features of ICICI Lombard Directors & Officers Insurance:

Comprehensive Protection: It protects against claims related to breach of duty, misstatements, negligence, and other wrongful acts.

Legal Defence Assistance: The policy pays for legal defence costs to provide the company leaders with a strong defence support system.

Risk Mitigation Expertise: The plan gives you access to a dedicated team that specialises in risk advisory and safety installations.

Quick Claims Settlement: ICICI Lombard Directors & Officers Insurance offers a quick and hassle-free claims process with a single documentation.

Financial Strength: The policy is backed by ICICI Lombard's robust and reputable financial standing.

ICICI Lombard Directors & Officers Insurance Inclusions

ICICI Lombard Directors & Officers Insurance offers a wide range of coverage, including the following:

Personal Liability Coverage: The policy helps protect the personal assets of directors and officers against claims stemming from their corporate decisions.

Employment Practices Liability (EPL): It covers claims related to wrongful termination, discrimination, harassment, and other employment-related issues.

Regulatory Investigations: ICICI Lombard Directors & Officers Insurance extends coverage for legal expenses incurred during regulatory inquiries or investigations.

Disclaimer: This is not a complete list. Please read the policy wording carefully for full details on all inclusions.

ICICI Lombard Directors & Officers Insurance Exclusions

The following scenarios are not included in the ICICI Lombard Directors & Officers Insurance:

Fraudulent Acts: The policy does not cover claims arising from intentional fraudulent or criminal acts by directors or officers.

Bodily Injury and Property Damage: It excludes claims related to physical injuries or property damage.

Environmental Harm or Pollution Incidents: The policy does not include liabilities associated with pollution or environmental damage.

War, Terrorism, or Nuclear Incidents: Any liabilities resulting from acts of war, terrorism, or nuclear hazards are not covered under the policy.

Illegal Remuneration or Personal Profit: If you receive benefits to which you were not entitled in legal terms, those are not covered under the policy.

Disclaimer: This is not a complete list. For full details on all exclusions, please refer to the policy wording.

ICICI Lombard Directors & Officers Insurance Claim Process

The claim settlement process under ICICI Lombard Directors & Officers is pretty straightforward. It involves the following steps:

Claim Notification: You need to file a claim by informing ICICI Lombard via email immediately.

Requirement List (LOR): Once you have reported the claim, ICICI Lombard will provide a list of documents and information necessary to process the claim.

Internal Report Submission: You need to submit all internal reports according to the checklist shared.

Investigation: ICICI Lombard will conduct a thorough investigation based on which the final claim amount is determined.

Document Verification: Review and sign the Discharge Voucher (DV) to confirm the settlement.

Final Settlement: Upon completion of all prior steps, the approved claim amount will be disbursed to you.

ICICI Lombard Directors & Officers Insurance: FAQs

1. Who should consider purchasing ICICI Lombard Directors & Officers Insurance?

Ans: Any company with a board of directors or advisory committee, private or publicly held, should consider buying ICICI Lombard Directors & Officers Insurance.
2. Are legal costs for regulatory investigations covered?

Ans: Yes, legal expenses incurred during regulatory inquiries or investigations are covered under the policy.
3. How long does it take to settle claims with ICICI Lombard Directors & Officers Insurance?

Ans: ICICI Lombard ensures speedy claims settlement, with only single documentation for processing.
4. Is D&O Insurance mandatory in India?

Ans: Although D&O Insurance is not a legal mandate in India, it is highly recommended for both private and public companies to get the policy.
5. What factors impact the cost of a D&O Insurance policy?

Ans: The premium for ICICI Lombard Directors & Officers Insurance depends on several factors. It includes the size of the company, industry, financial stability, claims history, and risk exposure.