EXECUTIVE LIABILITY INSURANCE
As the scope of the company grows in the business world, the responsibilities of your company grows against all environmental sectors other than the sectors that the company serves. Today, this responsibility network is expanding even faster than anticipated. While businesses are trying to move forward without getting entangled in these networks of responsibility and risk, mistakes in the decision-making stages can cause inconceivable damage.
Executives and employees are at the centre of decision-making processes. Executives and employees may not only expose the enterprise to financial liabilities through erroneous decisions and practices, but they may also cause reputational losses, the financial dimension of which may not be visible at the beginning. These reputational losses will inevitably lead to financial problems later on.
Thanks to the insurance plans and risk management services created against these rapidly growing risks in all sectors, NEN BROKER A.Ş. is able to secure the lifecycle quality of all businesses with its customer-oriented service approach in preventing or compensating such problems in a world where a new corporate scandal is encountered every day.
WHAT IS EXECUTIVE LIABILITY INSURANCE?
It provides coverage against the damages claimed by the parties who suffer losses due to the wrongful acts (unintentional error, negligence, misrepresentation, violation, etc.) and wrongful decisions made by the Members of the Board of Directors and Executives of the Company while performing their duties on behalf of the company.
WHO ARE COVERED BY THE EXECUTIVE LIABILITY INSURANCE?
Members of the Board of Directors, managers or executives, committee members, directors or any company employee acting as a supervisor in the Company and its subsidiaries
Risk manager or equivalent company employee
Board members, executives, managers, directors and employees of the companies acquired during the contract period and which are subsidiaries of the Company
Board members and executives serving in a company that is not a subsidiary (External Organisation) at the specific order and request of the Company
Retired company executives
What is a Wrongful Act?
Any act done or alleged to have been done by directors, or any untrue statement, misrepresentation, false information, misleading statement, error, omission, defamation, fault, breach of warranty of authority, breach of fiduciary duty or any other act that may give rise to management liability, or any matter brought against a director solely by reason of his or her office, is considered wrongful act.