Executives and officials
‘Executives and officials’ Liability’ insurance covers the personal liability of the insured in relation to a particular company where the said person is an executive, manager, inspector or council member while as for a general partnership and a limited partnership- a managing partner, for:
- All sums not exceeding the agreed indemnity limits, which the insured is legally bound to pay to the company as a compensation for damages caused as a result of illegal activity/inactivity in the course of fulfilling the appointed to him managerial, executive and controlling functions.
- The cases of his/her direct responsibility to the creditors as long as such has been obligatorily provided for by the law
- All expenses related to settling claims, made with the consent of the insurer, as the limits specified in the insurance policy also include the expenses made on settling the claims
The indemnity coverage according to this insurance applies only to those damages predictable at the moment when liabilities occur which are in a direct causal relationship with guilty failure to fulfill the obligations of the insured as prescribed by the law. These damages have been established on the basis of claims laid for the first time in writing during the term of operation of the insurance on condition that the events, on the basis of which the claims have been laid have arisen after the initial date of operation of the insurance or after the retroactive date entered in the insurance policy (if such has been agreed upon after renewal of the insurance policy).