Features of IFFCO Tokio Directors & Officers Insurance
IFFCO Tokio's Directors & Officers (D&O) Insurance offers several features tailored to meet the unique needs of corporate leaders in India. Let's take a look at them:
- Personal Liability Protection: The policy provides coverage against personal liability for directors and officers, safeguarding their personal assets from claims arising due to decisions made in their official capacity.
- Indemnification for Damages: In instances where directors or officers are held responsible for financial losses or damages, the policy compensates for such penalties, ensuring that personal finances remain unaffected.
- Coverage for Legal Expenses: Legal proceedings can be financially draining. This insurance covers defence and legal costs, alleviating the burden on the insured individuals.
- Multiple Directorship Coverage: Unlike traditional corporate D&O insurance, this policy allows coverage for individuals holding directorships in up to three different organisations under a single policy.
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IFFCO Tokio Directors & Officers Insurance Inclusions
The IFFCO Tokio Directors & Officers Insurance encompasses a range of inclusions that provide comprehensive protection. Here are a few of them:
- Breach of Duty Coverage: Covers legal claims arising due to breach of duty by directors and officers.
- Civil Liability Protection: Includes defence costs related to civil proceedings initiated against the insured.
- Criminal Liability Defence: Covers defence expenses in criminal actions filed against directors or officers.
- Individual Protection: Applies to claims made against individual directors or officers, regardless of company indemnification.
- Comprehensive Legal Cost Coverage: Pays for legal defence costs associated with both civil and criminal legal actions.
Disclaimer: This is not a comprehensive list. Always read the full policy wording carefully for a complete list of inclusions.
IFFCO Tokio Directors & Officers Insurance Exclusions
While the policy offers extensive coverage, certain exclusions apply, which are as follows:
- Pre-Existing Knowledge or Claims: Any claim arising from prior knowledge or circumstances that could lead to a claim in the future is excluded.
- Dishonest or Criminal Acts: Claims resulting from fraud, deliberate omission, breach of trust, or criminal offences, once proven, are not covered.
- Bodily Injury & Property Damage: The policy excludes any claims related to physical injury, illness, death, or damage to property.
- Pollution-Related Claims: Environmental claims involving pollution, contamination, or spills are not covered.
- Professional Services: Acts related to the provision of professional services are outside the scope of coverage.
Disclaimer: This is not a complete list. Please read the full policy document for detailed terms and exclusions.
IFFCO Tokio Directors & Officers Insurance Claim Process
Filing a claim under the IFFCO Tokio D&O Insurance involves a systematic process:
- Claim Intimation: Notify IFFCO Tokio about the claim through their toll-free number, email, or by visiting the nearest branch office.
- Submission of Claim Form: Complete and submit the Directors and Officers Liability Insurance Claim Form, providing all necessary details about the incident.
- Documentation: Provide all relevant documents, including legal notices, court summons, and any other pertinent information supporting the claim.
- Claim Assessment: IFFCO Tokio will assess the claim based on the information and documents provided, determining the validity and extent of coverage.
- Settlement: Upon approval, the claim amount will be disbursed as per the terms and conditions of the policy.
Frequently Asked Questions (FAQs)
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1. Who is eligible for the IFFCO Tokio Directors & Officers Insurance?
Ans: Individuals holding positions such as directors, officers, and key managerial personnel in organisations are eligible for this insurance.
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2. Can the policy cover multiple directorships?
Ans: Yes, the policy allows coverage for individuals holding directorships in up to three different organisations under a single policy.
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3. Does the policy cover retired directors?
Ans: Yes, retired directors receive lifetime coverage, ensuring protection against claims that may arise post-retirement.
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4. Are legal expenses covered under this policy?
Ans: Yes, the policy covers defence and legal costs incurred due to claims made against the insured individuals.
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5. How can a claim be registered?
Ans: Claims can be registered by contacting IFFCO Tokio through their toll-free number or email, or by visiting the nearest branch office.
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