SBI Directors & Officers Liability Insurance

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.

Documents Required under SBI Directors & Officers Liability Insurance

To raise claim under this insurance policy, you will have to submit the following documents along with the claim form:

• Aadhar card copy
• PAN card copy
• Address proof of the insured organisation
• Any other documents according to the insured’s requirement

SBI Directors & Officers Liability Insurance: FAQs