Chartis Cyprus Limited
Head Office
26, Esperidon Street, 2001 Strovolos, Cyprus
P.O.Box 21745, CY-1512 Nicosia.
Tel: +357 22 699 999
Fax: +357 22 699 700
Email: ask.chartis@chartisinsurance.com

Financial Institutions - Directors and Officers Liability

Description

Directors and Officers of commercial banks, insurance companies and other financial institutions are under increased scrutiny; consequently, they find themselves involved in an alarming number of lawsuits. The list of potential litigants is virtually endless, and the types of lawsuits can be broken down into a number of categories (i.e., shareholder, debt holder, regulatory and employee actions). The financial institutions Directors & Officers Insurance policy provides coverage for claims brought against directors and officers of a company for actual or alleged breach of duty, neglect, misstatements, errors or omissions. Coverage includes advancement of defence costs granted prior to final disposition of a claim for individuals when the financial institution cannot provide such costs. Reimbursement for indemnification of directors and officers for any judgments, settlements, and defence costs associated with covered claims when the company has indemnified the insured for loss.

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Customer Profile Back To Top

Directors and Officers of commercial and investment banks, stock and mutual insurance companies, reinsurance companies, and non-banking financial institutions.

For firms based outside of the USA and Canada, coverage may be written on a worldwide basis, including the jurisdictions of the USA and Canada. For USA and Canadian companies, coverage plans are offered for foreign operational exposures and for liabilities arising from products exported from the home country.

Value Added / AIG Advantage Back To Top

AIG can provide U.S. $25 million in capacity. In the United States, an AIG Group company, National Union Fire Insurance Company, is the nation's leading provider of this type of coverage. AIG's international companies all have access to National Union's underwriting, claims and defence experience which are utilized to custom make coverage designed to provide the highest level of protection to ADR issuers. As part of this coverage there is increased access to a panel of U.S. lawyers to provide a specialized defence to litigation brought against ADR issuers directors and officers. Global companies can extend their coverage to their overseas subsidiaries. No deductibles are required for directors and officers when indemnification by the corporation is not permitted. Defence costs will be advanced to individual directors and officers for non-indemnifiable claims. Enhancement features and specialized products are available, including Entity Coverage for Open Market Securities Claims, Securities Offering Entity Coverage, Employment Practices Liability Insurance and Pollution Insurance. AIG is the leader in Financial Institutions D&O both in the United States and abroad, as such we have developed a network of expert claims and underwriting personnel to address the specialized needs of financial institutions.