It provides assurance against the damages demanded by the parties who suffered damage due to the wrong actions (unintentional mistakes, negligence, misrepresentation, violations, etc.) and wrong decisions taken by the Company’s Board Members and Managers while performing their duties on behalf of the company. Manager liability insurances are “Claims Made” policies.
WHO IS INCLUDED IN THE COVERAGE?
✓ Members of the board of directors, director or manager, committee members, any company employee acting as a manager or supervisor in the company and its subsidiaries,
✓ Company employee in the position of risk manager or equivalent,
✓ Members of the board of directors, managers, executives and employees of companies that were acquired during the contract period and are subsidiaries of the company,
✓ Members of the board of directors and executives working in a non-affiliated company (External Institution) at the special order and request of the company,
✓ Retired company executives are included.
WHAT ARE THE HARD COLLATERALS?
✓ Board Members & Executives
✓ Company Compensation
✓ Non-Executive Board Members
✓ Marketable Securities Claims Against The Company
✓ Defense costs for material damage and bodily injury
✓ Extended notification period
✓ Extended notification period for retired insured persons
✓ Expenses incurred in emergencies
✓ Critical incident costs
✓ Preventing damage from reaching large dimensions
✓ Prosecution expenses
✓ Surety bond and guarantee bill expenses
✓ Damage to reputation
✓ Expenses related to abduction cases
✓ New subsidiaries acquired during the policy period
In professional liability insurances, it provides protection against indemnities that the insured will have to pay due to the damages they may cause to third parties as a result of inadequate and / or erroneous transactions while performing their professional activities.
Professional liability insurances are policies arranged on the basis of “Made in Claims”.
SITUATIONS KEPT OUT OF COVERAGE
I. Claims for compensation arising from the activities of the insured other than the professional activity specified in the policy and whose limits are determined by legal rules or ethical rules,
II. All kinds of events and behaviors deliberately caused by the insured during the performance of the professional activity,
III. Events that occur as a result of the insured or employed persons being under the influence of alcohol, drugs or narcotic substances while performing the professional activity specified in the policy.