Many people believe and advocate that Directors’ and Officers’ liability insurance is necessary only for large enterprises. However, today, many small and medium businesses have started including this policy in their risk management portfolio. Every business, whether it is large or small can make mistakes. Hence, every business needs a quick and reliable recovery plan. […]
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The ‘hammer clause’ in a D&O policy
If you have been looking at directors’ and officers’ ( D&O ) liability insurance policies, you must have encountered the term ‘hammer clause’. It is important to understand what this means because it has financial implications for your claim settlement. This post examines the hammer clause to help you make the right choice when buying […]
Are Directors Personally Liable For Company Debts?
If directors act correctly, they may not be held liable for debts. It is a well-acknowledged fact that a company is a separate legal entity. However, under Directors personal liability, directors may be held accountable for the company’s insolvency or non-payment of debts if the company wilfully defaults. In the case of many private investments, […]
Exclusions in a D&O liability policy
Nearly every insurance policy specifies what it will cover and what it will not. It is essential to understand these to benefit fully from your insurance policy. Similarly, there are certain exclusions in a D&O liability policy. Directors’ & Officers’ liability insurance offers wide coverage for the directors and officers of a company for alleged […]
The complete guide to Aadhaar
Published in Mint on 19th May 2018. If you have been reading about the Supreme Court verdict on Aadhaar, you might be wondering whether you should have an Aadhaar or not? The Supreme Court of India has ruled that Aadhaar, the country’s biometric identity system, is constitutional but not mandatory for all services. The court […]
Inter College Case Study Competition
SecureNow organized an inter-college case study competition with the aim of talent outreach among various campuses and to contribute towards supplementing knowledge about the insurance industry. The topic given was “Tapping the SME Corporate Insurance Market in India”. Overall, 52 teams applied for the competition from different colleges. The final round was a presentation round […]
IRDAI bows before the Delhi High Court
Published in Mint on 21st March 2018. After being chided by the Delhi High Court for turning a blind eye to how insurance companies are misusing the exclusion clause of genetic disorders in health insurance policies, the Insurance Regulatory and Developing Authority of India (Irdai) has asked insurance companies to remove genetic disorders from the […]
New regulator should move away from micro-managing
Published in Mint on 19th February, 2018. Mint’s Insurance Conclave 2018 in Mumbai, held on 13 February, saw a discussion on IPOs and changing market trends in the life insurance industry. The panelists included Amitabh Chaudhry, managing director and chief executive officer, HDFC Standard Life Insurance Co. Ltd; Arijit Basu, managing director and chief executive […]
If a private car is given for commercial use, claim during that period is inadmissible
Published in Mint on 5th February 2018. Written by Abhishek Bondia. I had lent my car to a friend for election campaigning. However, my friend told me that the car got stolen and he has not lodged a police complaint. Can I file my claim in the normal course? The car was most likely lost […]
Budget 2018: Rs5 lakh Modicare for the poor
Published in Mint on 2nd February, 2018. The budget 2018 focussed on senior citizens and people from the lower-income group. While increasing the tax deduction should encourage individuals to buy more health insurance, the flagship National Health Protection Scheme that the budget 2018 announced will cover over 10 crore poor and vulnerable families or about […]