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

The 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

Written By: PolicyBazaar - Updated: 05 April 2023
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    +Premium varies on the basis of Occupancy, Business Activity & Coverage Type
    By clicking on "View Plans" you agree to our Privacy Policy and Terms Of Use and also provide us a formal mandate to represent you to the insurer and communicate to you the grant of a cover.
    The details of insurance coverage, inclusions and exclusions are subject to change as per solutions offered by insurance providers. The content has been curated based on the general practices in the industry. Policybazaar is not responsible for the factual correctness of these details.

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