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Monday, September 27, 2021

DBAC hosts Session on D&O Liability for Insurance Clients

Doha Bank Assurance Company (DBAC) hosted a knowledge-sharing session for its institutional clients in collaboration with its specialised financial lines insurance partner AIG.

The event aimed at providing Doha Bank's clients with a greater understanding of Directors' and Officers' (D&O) liability exposures, while highlighting insurance solutions that are best suited to address these risks.

Doha Bank Wholesale Banking Dag Reichel said,"This knowledge sharing session is a forum to provide awareness of risks faced by senior management staff and solutions through the D&O cover."

DBAC Insurance Head Brett Pennington said,"DBAC is pleased to provide this interaction session focusing on this speciality line of insurance, and to partner with AIG in respect of the provision & access of this cover for all of our clients."

The session featured presentations by two AIG senior officials Alexander Blom and Muhannad Abdulmajeed.

The interactive presentations delved into several important topics related to liability risk management for senior executives such as increased exposures, corporate governance, D&O liability insurance and their advantages, policy structure and claims.

Attendees were advised that D&O insurance protects the personal assets of directors and officers in respect of wrongful acts undertaken in the course of the performance of their supervisory and managerial duties.

Bringing the audience's attention to common myths surrounding the topic of management liability, Blom said,"Directors and Officers often seem to be under the mistaken impression that they have limited liability, or that they cannot be held liable since they have delegated their authorities."

"Other common misconceptions prevalent among senior management executives include a belief that the company can indemnify them, and that their personal assets will remain untouched in the event of a lawsuit. Clearing up these misconceptions is fundamental to understanding the importance of purchasing D&O liability insurance and thereby ensuring personal finance protection," Blom said.

Enumerating the advantages of D&O liability insurance, Muhannad Abdulmajeed said,"Purchasing this type of insurance allows Directors and Officers to cover fines, legal expenses incurred in defending themselves & also ensure protection of their reputation and personal financial assets, at practically no cost to themselves."

"For companies, this increases their ability to attract and retain talented executive leaders. D&O cover also provides protection to companies listed on the stock exchange against claims brought by shareholders, investors or regulators alleging breach of the securities laws or market regulations," he said.

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