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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