Insurance Policy

Directors and Officers Liability Insurance Policy in India: Key Practical Considerations

Summary: This blog provides a comprehensive overview of Directors and Officers Liability Insurance policies in India, highlighting their coverage structure and associated nuances. It examines critical practical considerations, including knowledge attribution, coverage for past officers, fraud exclusions and the importance of truthful disclosures. It seeks to guide individuals on their rights as policyholders and aid them in entering into new policies or renegotiating their existing policies.Continue Reading Directors and Officers Liability Insurance Policy in India: Key Practical Considerations

Interpreting Insurance Contracts: Special Considerations – Part II

In part I of this blog, we have discussed some of the principles of interpretation set and relied upon by Courts whilst construing and interpreting insurance contracts, including that of strict construction, essentials of an insurance contract and the requirement of Uberrimei fidei i.e., good faith. In this part, we will delve into other principles which form the basis for interpretation of insurance contracts, including presumption as to materiality of information sought, effect of misrepresentation and the applicability of the rule of contra proferentem to insurance contractsContinue Reading Interpreting Insurance Contracts: Special Considerations – Part II

Interpreting Insurance Contracts Special Considerations – Part I

Insurance is the act of providing against a possible loss, by entering into a contract with one who is willing to give assurance — that is, to bind himself to make good such loss should it occur. In this contract, the chances of benefit are equal to the insurer and the insured. The first actually pays a certain sum and the latter undertakes to pay a larger, if an accident should happen. The one renders his property secure; the other receives money with the probability that it is clear gain. The instrument by which the contract is made is called a policy; the stipulated consideration a premium.[i]Continue Reading Interpreting Insurance Contracts: Special Considerations – Part I