Page 35 - Liability Insurance IC74

P. 35

Guide for Liability Insurance

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.

(c) Liability practice in U.K market - In U.K, they
have combined or comprehensive policies which
include coverage for Public liability, Products liability
and Employers liability. In some cases, material
damage coverage may also be included.

Large business groups which operate in many
countries have special insurance problems. They
may have to arrange local insurance as per local
news. Nevertheless, the group head office may
arrange a 'global policy' to cover any gaps in local
insurance coverages, or on an 'excess of loss' basis

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