OREANDA-NEWS. Ingosstrakh Insurance Company has won in the open competition for the right to insure the liability of directors (Directors and Officers, D&O) of a major oil company in Siberia. The limit of liability under the contract is USD 15 m.

The D&O insurance contract makes provisions for reimbursement of the expenses of the company's executives within the limits established by the Civil Code and the Law "On Joint Stock Companies" and personal liability of legal persons for the decisions made.

The insurance policy provides for compensation of the amounts that are to be paid under a court decision or determined by an out-of-court settlement procedure, as well as court fees and attorneys' fees within the limit of liability specified in the D&O contract.

Claims and actions under D&O are most frequently submitted by shareholders, employees, including former employees, customers, public authorities, previous owners or the owners of acquired companies, creditors, groups of social activists.