DIRECTOR'S AND OFFICER'S LIABILITY INSURANCE

DIRECTOR'S AND OFFICER'S LIABILITY INSURANCE

 

Insured Name

	PT. XXXXXX  including any and all past, present or hereafter formed or acquired subsidiary, Affiliated or Allied companies, corporations, trusts, foundations, entities, trustees, or organizations which are owned, financially controlled, actively managed or in which the named Insured has had, or has an interest now or hereafter constituted of for which the named Insured has assumed the responsibility of purchasing Insurance.
Period	12 months from a date to be agreed
Address Limit of Liability: Excess Limit of Liability: Non-Executive Director Protection	XXXXXX   Option I: USD XXXXX Option II: USD XXXXX any one Claim and in the annual aggregate for all Claims made against the Insureds under all insurance covers combined (including Defense Costs): USD. XXXXX per any one occurrence and/or series of occurrence arising out of the same events.
Sub-limits of Liability Company Securities Company Employment Practice Error Director protection in the event of an Inquiry Occupational Health and Safety Director protection in the event of a Pollution Action	FULL POLICY LIMIT any one claim and in the aggregate Explanation: This is a significant coverage that the company is also protected as opposed to protection only covering directors in regards to Securities Claim. This coverage covers Payments and/or Defence Costs resulting from a Securities Claim against the company.   FULL POLICY LIMIT any one claim and in the aggregate Explanation: This coverage affords cover for Payments and/or Defence Costs resulting from a Employment Practice Error Claim as made against the company. USD XXXXX any one claim and in the aggregate. Explanation: This coverage covers Defence Costs resulting from an Inquiry. This protection covers formal regulatory or administrative investigation outside of USA/Canada, and there is no requirement of management error or allegations with wrongful act. USD XXXX any one claim and in the aggregate USD XXXXX  for Defense Costs resulting from a Pollution  Action FULL POLICY LIMIT for Payments and/or Defense Costs resulting from a Shareholder Pollution Action Explanation: This coverage covers Payments and/or Defence Costs resulting from a Shareholder Pollution Action. This coverage also covers Defence Costs resulting from a Pollution Action.
Retention: Company Securities Liabilities: Company Employment Practice Error: Payments and Defense Costs incurred by the Company on behalf of Insured Persons:	USD XXXXX for any one Securities Claim made within the Indonesia, its territories or possessions including any judgments, settlements or final agreements USD XXXXXX for any one Securities Claim made outside the U.S.A., its territories or possessions and Canada including any judgments, settlements or final agreements USD XXXXX for any one Company Employment Practice Error Claim USD XXXXX for any one Claim made within the Indonesia, its territories or possessions including any judgments, settlements or final agreements  USD XXXXX for any one Claim made outside the U.S.A., its territories or possessions and Canada including any judgments, settlements or final agreements  USD XXXXX for any one Claim made within the U.S.A., its territories or possessions and Canada including any judgments, settlements or final agreements USD XXXXX for any one Inquiry
Territorial Scope / Jurisdiction:	Worldwide
Other Coverages under the policy Endorsements:	1.     Director Protection of Management Error Claim – protection for directors when a written notice or civil proceeding or arbitration, criminal prosecution, investigation, inquiry or regulatory action alleging Management Error is received against a Director 2.     Director Protection of Employment Practice Error Claim – protection for directors for claims of act or omission of the directors which violates a natural person’s employment rights relating to their actual or possible employment by the Company or an Outside Entity 3.     Director Protection for Outside Entity Directors – a blanket cover for directors who becomes a director, officer, trustee, governor or equivalent in an Outside Entity 4.     Emergency Costs – provides cover for costs & expenses incurred in an Emergency without the Insurer’s prior written agreement where the Insured is not able to obtain consent from the Insurer. (cover for up to  10% of aggregate limit of liability) 5.     Discovery Period - if the policy is not renewed or replaced with similar cover at the expiry of the policy period, a Discovery Period of 60 days (free) or 12 months (for 50% of the annual premium) is available to the Insured 6.     Automatic Retired Directors Cover  for 72 months –  if the policy is not renewed or replaced with similar cover at the expiry of the policy period, Retired Directors are automatically entitled to a Discovery Period of 72 months at no additional premium. 72 months is the typical statute of limitations in most countries and this coverage provides cover up to the full limit of liability 7.     Automatic Director Protection for Newly Acquired or Created Companies & Divested Subsidiaries Cover –no asset restriction for newly acquired companies and they will be automatically protected under D&O policy 8.     Director protection in the event of OH&S action – provides cover for Defense Costs resulting from Occupational, Health and Safety Action against a Director or Outside Entity Director 9.     Automatic coverage for Initial Offering, Listing or Trading of Securities – complimentary cover for 30 days after the date of offering, listing or trading; or end of policy period whichever is earlier 10.  Automatic coverage for Secondary Offering of Securities – automatic overage for secondary offering of the Company’s Securities outside of USA/Canada and no more than 50% of the share capital or no more than USD 250,000,000  11.  Insured vs Insured Coverage – this is a major enhancement where it is usually excluded under a D&O policy. It gives clarity, certainty and comfort that coverage will still be afforded to the directors in the event that they are sued by the policyholder or other Insured. 12.  Order of Payment Clause – this clause provides clarity as well as certainty to Directors, in relation to the order that costs will be advanced in the event a Claim is made against themselves and the entity. This clause ensures that priority would fall upon providing cover to the Directors. 1.     War/ Act of War Exclusion 2.     Payment and Gratuities Exclusion 3.     Specific Matter Exclusion: case of Monopoly and or unfairly business competition on providing sugar import technical verification services 4.     Positions deemed to be insured: President Commissioner, Commissioners 5.     Retroactive Date: as per inception
Premium:	Option I: USD XXXX Option II: USD XXXXX This annual premium is exclusive of applicable charges
Security	1ST Class Insurance Company

Directors and Officers Liability Insurance

Tanggung jawab yang dihadapi oleh Direksi dan Pejabat Perusahaan:

–Tuntutan Tanggung jawab pribadi (personal liability) :

•Terhadap segala tindakan yang sudah dilakukan, 

•Terhadap kegagalan bertindak pada kondisi tertentu,

Terkait dengan posisi mereka di dalam perusahaan

–Tuntutan Good Corporate Governance: transparansi & akuntabilitas

 

 UU Perseroan Terbatas No. 40 Thn 2007:

–Tanggung jawab Direksi (pasal 69 ayat 4 dan 4, 92 ayat 1, 97, 98, 101 dan 104 ayat 2 s/d 5)

–Tanggung jawab Komisaris (pasal 108, 114, 115 dan 116)

Menuntut tanggung jawab pribadi

 

Polis Asuransi Directors and Officers Liability menjamin:

–Kerugian yang timbul dari klaim tuntutan hukum terhadap Direksi dan/atau Pejabat perusahaan yang

–telah atau dianggap telah melakukan Tindakan yang Salah (Wrongful Act) pada saat

–bertindak dalam kapasitas sebagai Direktur dan/atau Pejabat Perusahaan

–yang terjadi pada periode Polis Asuransi dan dilaporkan kepada pihak penanggung  (Claims Made Basis)

Beberapa definisi penting di dalam polis :

–Siapa yang menjadi TERTANGGUNG?

–Apa saja yang dimaksud sebagai KLAIM/TUNTUTAN?

–Apa saja yang dimaksud sebagai WRONGFUL ACTS?

–Apa saja yang dimaksud sebagai KERUGIAN?

Definisi TERTANGGUNG:

–Adalah para Direksi dan para Pejabat Perusahaan yang sudah, sedang dan akan menjabat posisinya

–Karyawan di Tingkat Manajer atau Pengawas (Managers atau Supervisors)

–Para Direksi atau Pejabat Perusahaan dari Lembaga Nir Laba dan atau Perusahaan Lain yang juga menduduki jabatan Direksi atau Pejabat Perusahaan atas permintaan Perusahaan Tertanggung

Definisi KLAIM/TUNTUTAN yang dikenali oleh polis D&O:

–Tuntutan Tertulis untuk ganti rugi secara Moneter atau Non Moneter

- Tuntutan Sipil/Masyarakat Umum untuk ganti rugi secara Moneter dan Non Moneter. 

- Tuntutan secara Administratif atau Perundang-undangan
–Tuntutan Kriminal 

Definisi TINDAKAN YANG SALAH (Wrongful Acts):

-                                              tindakan nyata yang telah atau yang dianggap telah menyalahi tugas dan wewenang dari jabatan,

-                                              pelanggaran kepercayaan,

-                                              penyalahgunaan kekuasaan,

-                                              kesalahan atau kelalaian,

-                                              kesalahan dalam memberikan pernyataan atau memberikan pernyataan yang palsu/tidak benar,

-                                              dan setiap hal yang dituntut kepada orang-orang yang dipertanggungkan berkaitan dengan status dan kapasitas mereka sebagai Direksi atau Pejabat perusahan

Definisi KERUGIAN (“LOSS”) yang dapat diganti:

–                     Kerugian (Damages)

–                     Keputusan Pengadilan untuk Ganti Rugi (Judgments)

–                     Penyesaian Secara Hukum (Settlements)

–                     Biaya Pembelaan (Defense Costs)

Yang tidak diganti/tidak dijamin oleh polis D&O Liability:

                Denda, Penalti, Pajak, Punitive, Exemplary & Multiple damages, serta hal-hal lain yang tidak dapat diasuransikan secara hukum

  

Perluasan Jaminan yang tersedia:

•             Anak Perusahaan Baru

•             Harta Kekayaan/Harta Warisan Suami/Istri dari Direksi dan Pejabat Perusahaan

•             Periode Penemuan Tuntutan (Discovery Period)

•             Retroactive Cover

•             Khusus untuk perusahaan:

§  Pertanggungan Surat Berharga Perusahaan (Entity Securities Cover)

§  Pertanggungan Hubungan Ketenagakerjaan Perusahaan (Employment Practice Liability/EPL Cover) 

Hal-hal atau penyebab gugatan yang tidak dijamin:

–               Tindakan mengambil keuntungan untuk diri sendiri/korupsi dan kolusi, remunerasi yang illegal (suap), ketidakjujuran/penggelapan, tindakan kriminal,

–               Kerugian yang dijamin di jenis pertanggungan yang lain: Gangguan Usaha, Kerugian Kebakaran,

–               Tuntutan Hukum yang tertunda atau yang sudah dilaporkan pada penanggung sebelumnya,

–               Nuklir, Perang, aksi Sabotase dan Terorisme,

Hal-hal atau penyebab gugatan yang tidak dijamin:

–               Tindakan mengambil keuntungan untuk diri sendiri/korupsi dan kolusi, remunerasi yang illegal (suap), ketidakjujuran/penggelapan, tindakan kriminal,

–               Kerugian yang dijamin di jenis pertanggungan yang lain: Gangguan Usaha, Kerugian Kebakaran,

–               Tuntutan Hukum yang tertunda atau yang sudah dilaporkan pada penanggung sebelumnya,

–               Nuklir, Perang, aksi Sabotase dan Terorisme,

  

HAL-HAL YANG PENGARUHI SUKU PREMI PERTANGGUNGAN

1. Limit Pertanggungan :

2. Cakupan Wilayah Geografis dan Yuridis Pertanggungan:

3. Besarnya Risiko Sendiri/Deductible

4. Perluasan Jaminan: Entity Cover ? EPL Cover?

5. Informasi Manajemen Perusahaan: a.l. kondisi kesehatan keuangan perusahaan, rencana usaha, Aplikasi GCG, dsb