Directors and Officers Liability Insurance

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At present, India has about 24 life insurance companies and 32 general insurance companies. On the one hand, the former offer life insurance plans that cover the risk of premature death. And there are other general insurance companies that offer policies that cover the different types of financial risks that individuals and companies face. So which insurance companies provide D&O policies in India?

A directors’ and officers’ (D&O) insurance policy is a kind of general insurance policy for corporates. Specifically, it covers the third-party liability that businesses suffer when their directors and/or officers commit mistakes in discharging their duties. Thus, a D&O policy covers the expense of settlement payable to third parties as well as in defending a lawsuit filed on the company.

Of the 32 general insurance companies in India, two deal in specialized insurance plans. Then, there are standalone health insurance companies that offer only health insurance policies. The remaining, about 22 or more, offer D&O insurance policies in India.

Government-owned general insurance companies

Four general insurance providers in India are public sector undertakings. These include:

  • National Insurance Company Limited
  • The New India Assurance Company Limited
  • The Oriental Insurance Company Limited
  • United India Insurance Company Limited

All four offer D&O liability insurance policies for organizations.

Additional Read: Who is the right insurer to buy D&O policy from?

Private general insurance companies

The remaining insurance companies are privately owned either as subsidiaries of big Indian conglomerates or as joint ventures between two or more companies. Some leading privately owned general insurance companies that offer D&O coverage include:

  • Bajaj Allianz General Insurance Company Limited
  • Cholamandalam MS General Insurance Company Limited
  • HDFC ERGO General Insurance Company Limited
  • ICICI Lombard General Insurance Company Limited
  • IFFCO Tokio General Insurance Company Limited
  • Magma HDI General Insurance Company Limited
  • Raheja QBE General Insurance Company Limited
  • Reliance General Insurance Company Limited
  • TATA AIG General Insurance Company Limited
  • Universal Sompo General Insurance Company Limited

In sum, all these insurance companies, along with other privately owned insurers, offer D&O insurance plans.

Thus, have a choice of 20 or more insurance companies to find the right D&O liability insurance in India. However, when buying a policy, you should compare available policies and then make a choice. So, check the following when comparing insurance companies:

  • Coverage
  • Premium
  • Policy extensions
  • Claim settlement ratio
  • Claim turnaround time

Finally, after taking these factors into consideration, you can find the right D&O insurance company.

Additional Read: How you can buy a D&O policy easily?

The SecureNow advantage

SecureNow partners with leading general insurance companies in India that offer D&O insurance. So, with SecureNow’s help, you can compare the best D&O liability insurance policies to find the right insurer. Similarly, SecureNow’s experts will identify your requirements and design different policy options from different insurance companies. Hence, you can compare and find the best insurer for your needs.

Furthermore, SecureNow offers you the opportunity to instantly purchase your D&O policy online. Indeed, this is a unique benefit as it allows you to understand the product and premium, enter your specific details, upload your documents, and pay online. Moreover, you can receive confirmation of your coverage instantly through the Risk Held Letter.

 

To buy your D&O policy, drop us a mail at support@securenow.in. One can also visit SecureNow or connect with us on Linkedin