Chartis DandO protection for directors

"Chartis Insurance, a division of American International Group (AIG), has been operating in Sri Lanka for over 10 years. The company is one of the leading insurance providers for the corporate sector," a spokesman for the company said.

"One of Chartis' product's, the Directors and Officers Liability (DandO) insurance, responds to the concerns of today's executives", he said. The DandO policy offers protection for former, present and future directors, officers and senior employees of a corporation in the event of a claim against them alleging any act, error or omission (negligence, breach of duty, wrong-doing, miscommunication and law violations) while acting in their management or supervisory position.

Claims can come from various stakeholders such as shareholders, customers, employees and government bodies.

The policy provides coverage for legal defence and investigation costs, public relations expenses, damages, settlement, judgements, civil fines and penalties.