SBI Directors & Officers Liability Insurance

SBI General Insurance was established in 2009. The company offers several general insurance policies. The company has reported an 11% growth in Gross Written Premium (GWP) in FY 2021-22. According to IRDAI, the claim settlement ratio of the company in 2021-22 was 95.04%.

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

Protect the board members of your company against

professional error

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SBI Directors & Officers Liability Insurance: Inclusions

This insurance policy provides coverage to the insured for the following perils:

The Organisation Reimbursement Coverage is designed to pay on behalf of the Insured Organisation for any losses that the Insured Person (Directors and Officers) may incur, for which the Insured Organisation grants indemnification according to the law.

Additionally, this coverage includes legal costs and expenses incurred by the Insured, within the Limit of Indemnity.

This coverage extends to past, present, and future Directors, as well as their heirs, estates, legal representatives, and spousal liabilities.

SBI Directors & Officers Liability Insurance: Add-ons

Here is a list of add-ons offered by the insurance company that the insured can purchase to get additional coverage by paying an extra amount

Outside Directorship Endorsement

Pollution Defence cost liability Extension

Crisis Communication Cover

Legal Representation Expenses Extension

Risk Management Extension

Auto Inclusion of New Subsidiaries

SBI Directors & Officers Liability Insurance: Exclusions

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

Bodily injury and property damage

Seepage & pollution

Deliberate, willful non-compliance with statutory requirements

Proved criminal wrongs, dishonesty & fraud

Intellectual property rights (IPR)

Fines, penalties, punitive and/or exemplary damages

Major shareholder (typically 10%) exclusion

Prior and pending act/claims

Personal/improper gains

Insured v/s Insured

Future offering of securities

Insider trading & money laundering

Commission and bribes.

Claim Process under SBI Directors & Officers Liability Insurance

In order to raise the claim, follow the steps given below:

Step 1: Inform the insurer as soon as possible.

Step 2: Ask the insurer for the claim form submit it along with the required documents.

Step 3: Inform the insurer immediately in case the insured gets any legal notice.

Step 4: In case any legal proceeding has been initiated in court, inform the insurer.

Step 5: The insurer will send a surveyor to assess the situation and gather more information about the claim.

Step 6: The insurance company will settle the claim based on the policy's terms and conditions once they are satisfied with the information provided by the policyholder.

SBI Directors & Officers Liability Insurance: FAQs

How much coverage do I need for my company, and what are the premium rates?

Ans: The amount of coverage required for your company depends on various factors, including the size of your company, the number of directors and officers, and the level of risk involved. The premium rates also depend on these factors.
What kind of claims are most common in Directors & Officers liability insurance?
Ans: Directors' and Officers' Claims frequently seen on Non-Profit Community Association Directors' & Officers' Liability Insurance are:
- The Board's failure to comply with the association's by-laws
- Breach of fiduciary duty
- Questions or disputes about easements
- The Board's failure to maintain common areas
- Inappropriate use of funds by the Board (such as insurance proceeds)
- Defamation of a member by the Board
Is there a waiting period before I can file a claim, and what is the claim settlement process?

Ans: There is usually no waiting period before you can file a claim under the policy. The claim settlement process involves assessing the claim, investigating the matter, and settling the claim according to the terms and conditions of the policy.
What is the maximum policy period for Directors and Officers Liability Insurance?

Ans: The maximum policy period for Directors and Officers Liability Insurance is usually one year.

SBI Directors & Officers Liability Insurance