Insurance
Managers Liability Insurance

Coverage: the insurer pays compensation for the amounts that the insured, in his/her capacity as a manager or officer, is liable to pay as compensation for financial losses caused by his/her fault during the term of the insurance of the enterprise/company in which the insured is a member of the management, supervisory or control bodies and/or holds a managerial position under an employment contract, or to third parties in the performance of activities (including poor performance and wrongful acts, exceeding authority, negligence, errors and omissions) arising from his official duties to the company due to culpable failure to perform his professional duties. Damages are determined on the basis of claims first made during the term of the insurance in connection with events that occurred after the start date of the policy or after the retroactive date entered in the policy (coverage based on a claim made during the term of the insurance). The insurance also covers the costs of defending the insured, to the extent that they are incurred with the consent of the insurer, as well as the fees and legal costs awarded in the compensation case - up to 10% of the agreed liability limit.

Excluded risks and other conditions: - described in detail in the General and Special Conditions.

Limits of liability: a limit is agreed for a single event and for the term of the insurance, which is usually double the limit for a single event.

Insured's contribution to each claim: usually 10% for each property damage. No contribution by the insured applies to non-property damage.

Conclusion of the insurance: based on a completed Application-Questionnaire form provided by the insurer.

Tariffing: based on the agreed limits.

In the event of an incident that could lead to a claim under this insurance, the insured shall notify the insurer in a timely manner, who shall provide instructions on the necessary documentation and the procedure to be followed by the insured. In the event of a dispute in court, the insured shall be obliged to involve the insurer as a third party.

Compensation shall be paid within the agreed limits of liability on the basis of an out-of-court settlement between the parties or in accordance with a final court decision against the insured.