As a committee member you have been be stored with many responsibilities which can lead you to be liable for making good any loss, which the society may suffer on account of any committee members negligence or omission to perform any of the duties functions caste on you under the Act, Rules and the Bye-Laws of the society.

The Cover Applies to :

The insurance, subject to its provisions, pays your covered Money Damages and /or Defence Cost

Liability from claims made against Directors and Officers (Committee Members) of the company arising out of the following:
o Inaccurate statement of financial conditions
o Error in annual accounts
o Unfair allotment of shares
o Mismanagement of funds
o Conflict of interest
o Lack of judgment, diligence, good faith in their managerial capacity
Coverage is available on a ‘claims made’ basis and applies only to claims made against the Director and Officers (Committee Members) during policy period

Silent features of the policy:

Pre-underwritten policy

No deductible

Defence costs are advanced until final adjudication of the claim

Coverage for heirs and spousal liability

Investigation endorsement ( reasonable traveling and living expenses)