IRDAI License Number: IRDAI/INT/ISNP/2022/250

How to claim under D&O Policy?

Directors and Officers Insurance Policy (D&O) is a kind of liability insurance policy that offers coverage for court cases against Directors and Officers of a particular organisation. The policy covers mistakes and decision errors made at managerial level which may lead to unfavourable and financial loss situations for the company. It also covers for court expenses and other legal fees which a company may have to incur in case of lawsuit against them. One of the important documents required for claim submission is the court case papers lodged on the insured by the aggrieved party / person. It is to be noted that the insured is not allowed to admit any liability or enter into a settlement without the consent of the insurer. Only those settlements, stipulated judgements and costs to which the insurance company has consented shall be recoverable as Loss under the D&O liability insurance Policy. 


Claim process under D & O Insurance policy

Registering the Claim with the insurance Company 

The first and foremost process of filling the claim is to approach the insurer or the broker to register the claim. The insurance company or the broker will help you guide the process of how to file the claim, document and other evidence which will be required for the claim process. Once the claim is registered with the insurance company, they will nominate a surveyor to conduct the investigation. 


Claim Investigation

The surveyor will conduct the investigation and make a report on the same. The liable parties will be identified and also information will be gained from any witness or any other parties involved in the case. All the finding will be noted and report will be made on the same. 


Policy Review

The surveyor will then go through the policy schedule and will check the inclusions and exclusions under the policy. The surveyor will also check for any deductibles that will be applicable as per the terms and conditions of the insurance policy. 


Claim form and document submission

The claim form and the required documents will ned to be submitted to the insurance company within a specified period. Make sure all the information required is properly filled and all the required documents are submitted. Although there is a TAT for the insurance companies to settle the claim but time for the claim settlement starts only after the last required document is submitted to the insurance company. 

It is recommended to consult a broker or an insurance expert to review the situation. Their expertise can help describe the situations or points which you may have missed about the case. Often people miss out to describe the exact details which resulted in the D&O insurance claim. One of the most critical things is to ensure that accurate information is being mentioned on the claim form and the legal follow up subsequently. 

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