Page 153 - Liability Insurance IC74

Guide for Liability Insurance

conditions
(d) government regulatory bodies e.g, for breach of

legislation
(e) members of the public e.g, for financial reliance on

incorrect or inadequate or negligent statement of
financial condition etc.
(f) the policy is designed to provide protection to
directors and officers of a company against their
personal liability for financial losses arising out of
wrongful acts or omissions in their respective
capacities.
(g) There are no standardized policy forms.

The loss mean legal liability of the Directors or Officers
to pay damages or costs awarded against them and costs
and expenses incurred by the Directors or Officers with
the written consent of the underwriters.

A wrongful act mean any actual or alleged breach of
duty, breach of trust, neglect, error, misstatement,
misleading statement, omission, breach of warranty of
authority or other act done or wrongly attempted by
any Director or Officer.

(b) Describe claims condition of Directors and

Sashi Publications - www.sashipublications.com 149

Copyright@ The Insurance Times. 09883398055 / 09883380339