Mumbai: Within few months of banks initiating insolvency proceedings against a dozen large corporates, insurers have put together a customised cover to protect the professionals appointed to run these defaulting firms.
The cover is aimed at ensuring that the insolvency professional (IP), who takes on the role of the firm’s CEO at the behest of lenders, can take big decisions without fear of legal action.
JLT Independent Insurance Brokers has put together a cover for three of the 12 companies and is in talks with the remaining nine. “The cover is a combination of a Directors & Officers (D&O) policy and a professional indemnity cover with lot of improvisation and client requirement included in the policy wording,” said A…
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