Tata AIG launches first D&O policy for SMEs
Private insurer Tata AIG has designed a D&O liability policy that helps protect Directors and Officers of closely-held small and medium enterprises against claims ranging from employee discrimination to unfair methods of competition.
By PTI |
MUMBAI: Private insurer Tata AIG has designed a D&O liability policy that helps protect Directors and Officers of closely-held small and medium enterprises against claims ranging from employee discrimination to unfair methods of competition.
Targeted at top officials of the 2.5 lakh unlisted SMEs, whose turnover is up to Rs 325 crore, the policy - 'Highlight' - will be a pre-underwritten product with minimum documentation.
It will have no deductibles and pay for defence costs before the final judgement.
The policy would also cover claims arising out of charges against the directors and officers of regulatory investigations, stakeholder claims, accounting irregularities and litigations, including sexual harassment by employees.
It is designed to help protect both the assets of the company and the personal assets of these individuals.
"Highlight, the D&O insurance is for companies that have a turnover of under Rs 325 crore and are not listed, but have good management and streamlined systems," Tata AIG Marketing and Product Development Head Uttara Vaid told media.
The sum assured under 'Highlight' would be a maximum of Rs 15 crore, and Tata AIG considers this business to be a volume-driven one.
Targeted at top officials of the 2.5 lakh unlisted SMEs, whose turnover is up to Rs 325 crore, the policy - 'Highlight' - will be a pre-underwritten product with minimum documentation.
It will have no deductibles and pay for defence costs before the final judgement.
The policy would also cover claims arising out of charges against the directors and officers of regulatory investigations, stakeholder claims, accounting irregularities and litigations, including sexual harassment by employees.
It is designed to help protect both the assets of the company and the personal assets of these individuals.
"Highlight, the D&O insurance is for companies that have a turnover of under Rs 325 crore and are not listed, but have good management and streamlined systems," Tata AIG Marketing and Product Development Head Uttara Vaid told media.
The sum assured under 'Highlight' would be a maximum of Rs 15 crore, and Tata AIG considers this business to be a volume-driven one.
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