Chartis launches unique liability insurance ‘Corporate Guard’

Tuesday, 11 September 2012 00:46 - - {{hitsCtrl.values.hits}}

Chartis, the world’s leading provider of Directors and Officers (D&O) liability insurance has developed a new policy coverage for Sri Lanka branded Corporate Guard.

This improved cover enhances the safeguards provided to individual directors and officers and the companies they serve from all angles, whilst also significantly reducing the number of exclusions, and addressing specific new exposures. It is the first D&O policy written to and designed specifically for the Sri Lankan market, taking into account local requirements with the best in class global cover. The coverage extends to outside of Sri Lanka and is a benefit to the directors and officers who operate internationally or have overseas customers and partners. Chartis has the largest global network of any property and casualty insurance organisation, a network spanning over 160 countries and jurisdictions worldwide and any claim in or outside the country is swiftly processed without any hindrance. Chartis’ innovative D&O insurance, provides tailor-made real responses to the concerns of today’s executives. The D&O policy offers protection for former, present and future directors, officers and senior employees of a corporation in the event of a claim against them alleging any act, error or omission (negligence, breach of duty, wrongdoing, miscommunication, laws violation) while acting in their management or supervisory position. Claims, whether actual or perceived, can come from various stakeholders such as shareholders, customers, employees, government bodies, etc. The policy provides coverage for legal defence and investigation costs, public relations expenses, damages, settlements, judgments, civil fines and penalties.

‘This type of cover has been a long felt need for the corporate sector. Chartis has filled this vacuum by being the first insurance provider to launch Directors & Officers Liability insurance in Sri Lanka,” said Chartis Regional Manager for Commercial Institutions Pierre-Edouard Fraigneau, during a presentation held recently in Sri Lanka.

The new Companies Act of 2007 calls for greater responsibility and accountability for directors and officers. “Not only are they exposed to legal liabilities but their personal assets are at risk in the event of litigation,” said Chartis Sri Lanka General Manager Chris Tragakis. Chartis is the current leader in D&O coverage in Sri Lanka and provides coverage to leading corporates in the country. Chartis insurance, a division of American International Group (AIG), has been operating in Sri Lanka for well over 10 years. The company is one of the leading insurance providers for the corporate sector.