In collaboration with Liberty Mutual Insurance Europe, a member of the American group Liberty Mutual Group, Croatia osiguranje has developed and today presented manager liability insurance, and the development of liability insurance policies in construction, environmental protection, and similar specialized market niches has also been announced.
Manager liability insurance continues from the liability insurance for members of management boards, supervisory boards, and procurators, which Croatia osiguranje introduced last year. However, the new policy, according to the words of Vanja Nadalija, Director of the Property Insurance and Reinsurance Sector, offers broader risk coverage and also applies to lower management, to managers in small and medium-sized enterprises, as well as, for example, to the legal spouse and heirs or successors of the insured.
Namely, this policy insures the personal assets of managers and the assets of the company, and it relates to compensation for damages due to wrongful behavior of the insured or breach of duty, as well as legal representation costs. Among other things, fund managers have been excluded from the insurance due to high risk, and the policy does not cover damages caused intentionally or through gross negligence, illegal profits, bodily injuries or property damage, professional liability, cases of bribery, etc. Through collaboration with Croatia osiguranje, said Gerard van Loon, Senior Vice President of Liberty International, the company aims to position itself in the market of Central and Eastern Europe, and in this specific product, Croatia will ‘secure’ distribution and marketing, while Liberty provides expertise. (H)
