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After the recent financial crisis the current litigation climate may put your company at risk from financially crippling legal action from a wide variety of sources eg: regulators, bankruptcy trustees etc, therefore making D&O insurance one of the most relevant insurance products for both public and private companies to purchase. This insurance is payable to the Directors and Officers of the company or the company itself as indemnification for losses as a result of legal action brought for alleged wrongful acts in their capacity as Directors and Officers. Coverage can extend to defence costs arising out of criminal and regulatory investigations/trials
Essentially D&O insurance provides protection to companies and their Directors, Officers and Employees.
We offer 2 types of K&R insurance, one specifically tailored to the shipping industry and the other to high profile families/non-government organisations and multinational organisations.
This policy typically covers the perils of kidnap, extortion, wrongful detention and hijacking. These policies are meant
as a indemnity policy to reimburse a loss incurred by the Insured not to pay ransoms on behalf of the insured.
High profile families/non-government organisations and multinational organisations
This is an invaluable precaution not only to protect the financial assets of shipping companies, charterers and managers, but as importantly the crews wellbeing and safety. Although the Shipping Industry has historically relied on Marine Insurers to recover losses related to these incidents, due to popular demand from existing clients LA, coupled with a major Primary D&O insurer, is providing extremely competitive K&R insurance indications either on an annual or per transit/per vessel policy, which we are able to turn around within 24 hours.
This insurance provides protection for the professional services provided by your business against claims of negligence, failure to give the correct advice, making a mistake or failing in your duty of care. This coverage focuses on alleged failure of your company to perform on the part of, financial loss caused by an error or omission in the service or product sold by you as the policy holder. Examples of where a claim could occur would be copyright infringement, negligent act, error, omission etc.
LA offers Risk Management, Insurance Program reviews along with Global Program assessments for companies.
