Reliance General Directors & Officers Liability Insurance

Reliance General Insurance Company Limited is a private general insurance providing company in India. The company has a huge customer base that includes multiple corporates and SMEs. As per IRDAI, the claim settlement ratio of the company in 2021-22 was 98.65%.

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Reliance General Directors & Officers Liability Insurance

Directors & Officers Insurance policy provides coverage for the following perils:

Defense and Legal Costs
Expenses incurred in legal representation

Claims arise due to wrongful acts in the capacity of directors and officers of a company. However, here are a few incidents that can lead to litigation on the directors and officers. They are as follows:

Compliance with various legal statutes
Corporate Governance requirements
Management integrity issues
Auditing and Accounting practices
Mergers & Acquisitions
Listing of stock or debt on a stock exchange
Breach of duty to minority shareholders
Irregularities in securities issues
Employment irregularities/harassment

Reliance General Directors & Officers Liability Insurance: Exclusions

The insurance policy does not provide coverage for the following perils:

Contractual liability
Bodily Injury and Property Damages
Professional Services
Consensual claims
Pollution liability
USA Insured Vs. Insured
Dishonesty

Reliance General Directors & Officers Liability Insurance: Add-ons

The insurance company provides several add-ons under this policy. The customer can purchase the below-mentioned add-ons by paying an additional amount:

Pollution Defense Costs for non-indemnifiable losses
Shareholder Pollution Actions
Retired Directors or Officers
Occupational Health & Safety Defense Costs
Emergency Defense Costs
Bilateral Extended Reporting Period
Spouses, Heirs & Representatives

Reliance General Directors & Officers Liability Insurance: Claim Process

In order to raise a claim under this policy, kindly follow the below-mentioned steps:

If a customer files a case against the policyholder, they should immediately notify the insurer.
The insurer should be asked for a claim form, which must be filled out, signed, and submitted with the necessary documents.
In the event of the policyholder receiving a legal notice, the insurer must be informed.
Additionally, the insurer should be notified if any legal proceedings have been initiated in court.
The insurer will dispatch a surveyor to assess the situation and gather more information.
Once the insurer is satisfied with the information provided by the policyholder, they will process the claim and settle it accordingly.

Reliance General Directors & Officers Liability Insurance: Documents Required

While raising the claim under this insurance policy, the insured will have to submit the following documents along with the claim form:

Copy of Aadhar card of the insured
Copy of PAN card of the insured
Address proof of the insured organisation
Any other documents as per the requirement of the insurer

FAQs

Ques 1: What factors should I consider when selecting a Directors and Officers liability insurance provider in India?

Ans: When selecting a Directors and Officers liability insurance provider in India, it is important to consider the insurer's reputation, financial stability, policy features, pricing, and claims handling process. It is also recommended to read the policy terms and conditions carefully before purchasing.
Ques 2: What is the claims process for Directors and Officers liability insurance in India?

Ans:The claims process for Directors and Officers liability insurance in India typically involves notifying the insurer of the claim, providing all relevant documentation, and cooperating with the insurer during the investigation and settlement process.
Ques 3: Can I add new directors or officers to my policy during the policy term?

Ans: Yes, it is possible to add new directors or officers to the policy during the policy term. However, this may result in a premium adjustment and may require underwriting approval from the insurer.
Ques 4: How much does Directors and Officers liability insurance cost in India?

Ans: The cost of Directors and Officers liability insurance in India depends on several factors, including the size of the company, the industry, and the level of risk involved.

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