Under the Professional Liability Insurance policy we provide cover to our policyholders for acts or omissions arising from civil law and individual laws pertaining to each occupation.

 

In addition, coverage is provided not only for claims from existing or potential customers but also by competitors in case of infringement of intellectual property as well as third parties because of defamation, slander, loss of documents and other risks associated with each occupation. There are professions in Cyprus for which professional insurance is mandatory eg a real estate agent, a lawyer, an insurance intermediary.

 

Directors and Officers Insurance / Director of Foreign Entity

 

Through this policy, cover is provided to the Board of Directors and Company's officers as well as to the Director of a foreign entity (any natural person who, during the period of validity of the insurance period, starts to serve, at the specific request of any company as a director or official or other equivalent foreign entity) for their personal liability if, as a result of an Incorrect Decision or negligence in advice or inaccuracy in statements or forecasts or failure to disclose truth or omission of the full extent of interest of the Director or overrunning the limits of the Company's statutes or negligent in the supervision of the powers granted or Incorrect Investments of the Owners has caused financial loss to the Company and thus to the shareholders or creditors in order to offer protection and cover to the personal assets, the protection of name and reputation of the Board of Directors, Corporate Homicide, cover of hearing costs in the event of insolvency or liability, interpretative advice and mitigation costs of the claim.

 

More specifically, some of the potential plaintiffs to the Board of Directors and officers of a company may be: Shareholders, Legislators , Creditors, Regulatory Authorities, Suppliers, Commercial Partners, Capital Market Authority, Clients, Employees, Foreign Investors.

 

Please note here that these contracts are claims made, ie Claims that have been made within the policy term and are based on offenses committed during the insurance period or after the RetroActive Date where loss-making events are covered before "regular" date of commencement of the Policy, provided that the risk was already insured prior to uninterrupted coverage. Upon renewal (or change of the Insurance Company), the retroactive coverage date should be the same as that set out in the expiring policy.

 

In addition, the Extensive Reporting Period is offered, which covers extraordinary events that occurred during the insurance period but became known to the Insured after the end of the insurance period and within the extended claim period. Always a prerequisite for enabling the Directors and Officers Insurance Contract is the loss-making event to have taken place during the insurance period and not the disclosure period

 

For the better understanding of the insured and in order to be invoiced with the most reasonable premium, the company’s activities are taken in consideration. When the company was founded,  the experience of the Managers / Partners, Income, Turnover, the size of the Assets, Size of Contracts, Geographical dispersion of business, Customer Base, Previous Coverage and Requirements.