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HDFC Chubb Liability Insurance |
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Professional Indemnity
Legal proceedings for negligent advice and/or services are not restricted to the traditional professions such as law, medicine, accounting or architecture. The everyday activities of your company and your people can leave you exposed. The provision of services and offering of advice can leave you open to allegations of negligence and the ever-increasing possibility of civil actions against your company or its employees. To help protect your company against such allegations HDFC General Insurance Company Ltd. has introduced Professional Indemnity Policy. The policy should be considered an integral part of any comprehensive Professional Risks program.
This policy will cover your company and all subsidiaries, past and present directors, officers, partners and employees for claims brought against them while performing professional services.
Features:
• Worldwide cover.
• Past, present or future partner, director, officer or employee whilst conducting professional services.
• Full severability of cover, wherein no fact pertaining to or knowledge possessed by any insured person, shall be imputed to another insured person to determine available cover.
• No retroactive date.
• Extended Reporting Period available if the insured cancels or does not renew.
• Written demands for monetary damages in civil proceedings in Singapore or overseas. It also extends to cover formal investigations by regulatory bodies and arbitration proceedings; judgements and settlements.
• Coverage for acquired subsidiaries, run-off coverage for sold companies.
• Fidelity Guarantee cover can be provided by way of a separate policy with a separate limit of liability.
Public Offering Liability
Many dream of taking their company public. Talent and drive transforms the dream into reality. But the reality is fraught with risk. Suddenly, company performance and decisions are subject to external scrutiny. Investors who helped to achieve the dream can turn it into a testing reality. Directors of newly floated companies run the ever-increasing risk of being sued or investigated if investor expectations are not met.
The road to a public offering is hazardous. Investors and their advisers must be presented with detailed information with which to judge the financial position and prospects of the company being floated. Directors and others face a difficult task in ensuring that all relevant information and material facts regarding the company are presented accurately. Is it ever possible to be fully confident of total accuracy? Investors experiencing a loss in the value of their shares will seize upon any mistakes and may claim that they relied upon it when investing in the company.
Traditionally, Directors and Officers Liability insurance policies have helped protect companies and their executives from some of the exposures that accompany a public offering. However, HDFC General Insurance Company´s Public Offering insurance includes features specifically designed to cover the added risks of engaging in this type of transaction.
Key Features:
• The Company making the offer is covered.
• In addition to claims based on the disclosure document, cover extends to negotiations, discussions and presentations made during the offering process.
• Fraud exclusion does not deprive innocent insureds of defence costs cover.
• Sub-limit for public relations and crisis management expenses.
• Defence costs are advanced.
• Insured Person definition is extended to include natural person's and family holding companies selling their shares in the public offering.
Who is covered?
Insured Organisation - the policyholder and its subsidiaries.
Insured Persons include company directors, company secretaries, officers and employees of the insured organisation.
What is covered?
Loss resulting from covered claims against organisations or insured persons alleging an error or omission, misrepresentation, breach of duty based upon a disclosure document, negotiations, discussions, decisions or presentations connected to the public offer or sale of shares of an insured organisation.
Public relations and crisis management expenses incurred to minimise or prevent negative publicity following a public announcement, which may cause a fall of 10% in an insured organisation´s share value.
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