DIRECTORS AND OFFICERS LIABILITY INSURANCE

This is insurance is for any business. Even though the coverage provided is for directors, their company can be the only contracting party.

In Cyprus, professional indemnity insurance is only obligatory for certain professions. There is, however, a large portion of international companies who choose to have this insurance because it is a requirement or a conventional obligation for engaging in a partnership with clients or suppliers.

No! Professional indemnity insurance only covers errors and omissions when you are performing your duty as a professional. To better understand the difference, let’s consider the example of an active-duty doctor who is also simultaneously a member of the administrative council at the clinic he works in. In case this doctor commits an error during a surgery, then the professional indemnity contract takes effect in case of a lawsuit. If, however, this doctor suggests the purchase of a piece of diagnostic equipment which will cause financial loss to the clinic, then in a potential lawsuit against him by the shareholders it is the D&O contract that will take effect.

The better you describe the breadth of your activities to us, the better we will be able to comprehend any possible dangers arising from them, thus offering you coverage that is more specific and tailored to your particular needs instead of a more generalised and by extension more expensive cover. In certain cases, we might also examine the possibility of adding a sizeable excess amount.

Our reinsurance agents are committed to examining and evaluating each case separately. We offer insurance coverage to a large number of companies regardless of the nature of their activities, their size, their coverage requests, the number of their branches abroad or the nationality of their directors.

In our 40-year presence in the Cyprus Insurance Industry, we have managed to create an extensive network of partners from around the globe. Depending on the nature of your activities, we directly forward your application without intermediaries to at least three large reinsurance companies abroad. The reinsurance companies we are in partnership with are in the USA, the UK and the Netherlands

Our biggest clients at the moment are English, Russian, German, Cypriot, Swedish, Ukrainian and Belarussian companies. The breadth of their activities covers technology (IT, mobile apps, Artificial Intelligence, CRM, web developing), economics (finance, holding companies), currency exchange (Forex, binaries, cryptocurrencies), maritime (shipping), advertising and marketing, legal services (trust, alternative funds), real estate services etc.