In this age of increasing litigation and where individuals are being made more accountable for their actions, Galatea has developed a cover specifically designed to protect certain individuals in their personal capacity.
There may be times when an individual cannot rely on the vicarious liability of his employer, for example if the employer becomes bankrupt, if they have a conflict of interest or if the individual moves employment. Such insurance is particularly pertinent to those working in the shipping industry because a typical Directors & Officers insurance policy will exclude claims arising from pollution, death and bodily injury.
In the same way that an employer buys personal accident or medical insurance for his employees, so would he usually be expected to arrange a personal policy for his senior staff.
At its most simple, this insurance covers claims arising from an error or omission in the exercise of your professional duty of care. Under most jurisdictions this liability extends not only to your client’s losses, but also to those of other parties who you could reasonably have known would be relying on your knowledge or skill.
Galatea’s cover also extends to cover your liability arising out of fraud of employees, defamation, loss of documents and unintentional breach of warranty of authority.
Galatea’s policy also rewards loyalty and effective risk management by providing a 10% rebate if the insured has operated claims free and decides to renew their cover with Galatea.
Available Extensions
For the Designated Person and other Shore-based Personnel
This extension provides cover for the liabilities that would otherwise be covered by a ship owner’s Protection and Indemnity policy.
Proposal Forms
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