DIRECTORS & OFFICERS
This cover is suitable for those Directors & key officers who are in a decision-making position. These directors and officers in pursuance of their duties may take some actions which may be in violation of certain statutes or Laws.
PRODUCT LIABILITY
This policy covers all sums (inclusive of defense costs) which the insured becomes legally liable to pay as damages as a consequence.
- Accidental death/ bodily injury or disease to any third party.
- Accidental damage to property belonging to a third party.
Arising out of any defect in the product manufactured by the insured and specifically mentioned in the policy after such product has left the insured’s premises. The policy offers the benefit of retroactive period on continuous renewal of policy whereby claims reported in subsequent renewal but pertaining to earlier period after first inception of policy, also become payable.
COMMERCIAL GENERAL LIABILITY
The need for a personal accident policy arises from the fact that a life insurer offers financial security only in case of death of the policyholder. Accidents however could render one disabled temporarily or permanently, resulting in loss of income, besides an additional burden of medical expenditure. A personal accident policy not only pays at the time of death, but also financially secures you and your family in the event of an accident. It curtails financial constraints that may arise due to income loss.Minor accidents like falling off a bicycle or fracturing an arm are covered by the policy.
PUBLIC OFFERING OF SECURITIES
The Indian capital markets are witnessing an unprecedented boom and corporate India is all set to leverage this opportunity to raise funds and achieve their corporate objectives. However, this increased market exposure leads to increased stakeholder litigation and with this increase in litigation comes a growing awareness of the responsibilities incumbent on the directors and officers of companies. This is especially true when the company makes a public offering of its securities. Signatories of a public prospectus have a personal responsibility for its contents and could therefore be found personally liable for the losses of securities holders arising from misrepresentations within the prospectus. These potential liabilities arising out of the issue of a prospectus can be very large. Most securities actions are fuelled by unfulfilled investor expectations, so as well as being substantial, legal actions can also occur much after the transaction. IPO Insurance (also known as Public Offering of Securities Insurance – POSI) addresses these uncertainties by ring-fencing securities exposures in a single premium, transaction-specific policy.
PROFESSIONAL INDEMINITY
This policy is meant for professionals to cover liability falling on them as a result of errors and omissions committed by them whilst rendering professional service.
Professional Indemnity insurance offers a benefit of Retroactive period on continuous renewal of policy whereby claims reported in subsequent renewal but pertaining to earlier period after first inception of the policy, also become payable.
Group policies can also be issued covering members of one profession. Group discount in premium is available depending upon the number of members covered.
We at Rexa Insurance brokers issue ‘Professional Indemnity insurance (pi)’ policies to the following group of professionals:-
- Doctors and medical practitioners – which covers registered medical practitioners like physicians, surgeons, cardiologists, pathologists etc.
- Medical establishments – which covers legal liability falling on the medical establishment such as hospitals and nursing homes, as a result of error or omission committed by any named professional or qualified assistants engaged by the medical establishment.
- Engineers, architects and interior decorators.
- Lawyers, advocates, solicitors and counsels.
- Chartered accountants, financial accountants, management consultants.