Page 80 - Liability Insurance IC74

The Insurance Times

6. 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.

7. 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.

Claims shall mean : (i) Any writ or summons issued
against or served upon any Director or Officer for any
Wrongful Act, or (ii) any written communication alleging
a Wrongful Act communicated to any Director or
Officer.

There are two insured is under the policy - the directors
and officers of the company, and the company itself.
The coverage is granted in two parts:

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