Page 175 - Liability Insurance IC74
P. 175
Guide for Liability Insurance
14. creditors e.g, for misrepresentation of financial
conditions
15. government regulatory bodies e.g, for breach of
legislation
16. members of the public e.g, for financial reliance on
incorrect or inadequate or negligent statement of
financial condition etc.
17. 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.
18. 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.
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