We are proud of our experience in providing global cover for a group of Insurance Companies and Pension Schemes in the French-speaking area of Switzerland.

Our success today encourages us to offer this insurance, in conformity with Swiss laws, and if needed, with European law.

To offer this insurance, Terms and Conditions were discussed, translated and prepared in close collaboration with our leading Underwriter of Lloyd’s.

We are able to satisfy the following expectations of any Insurance Company:

• We presented the conditions in French and if needed in English.
  
  
• We obtained the most affordable premiums taking into account all of the risks covered.
  
  
• The Underwriters guaranteed that the contract met the requirements of the LCA (Swiss Law on Insurance), and that the applicable law and place of arbitration were that of the policy holder’s main address.
  
  
• The Insurance cover was tailored to the client’s requirements. The client chose the items needed to cover his exposure and/or the insured sums and deductibles.

Our success was the fruit of many months’ preliminary work. It involved in particular drawing up several offers.

For your information, the finalization of one of the General Insurance Conditions, “Crime and Financial Fidelity”, alone represented a few months of solid work, 29 pages, carried out by legal professionals in Switzerland and those of Lloyd’s in London.

Below is a brief outline of the cover insured. We can also adapt or propose new cover if requested.

Directors and Officers Insurance
The purpose of this cover is to protect the Company Directors and Officers from any Wrongful Act and/or any Employment Practices Wrongful Acts giving rise to a claim by any third party or Employee, which involves their personal liability and may threaten their own assets.

This insurance, known as D&O Insurance provides protection for both individual and shared responsibility, whether the claim is real or alleged.

In addition to the indemnity, it covers defence costs such as the fees of lawyers and experts designated to establish a degree of responsibility.

To highlight the content of this insurance, we provide hereafter some definitions:

Claim means:

• receipt by a Director or Officer of a written demand for compensation for any Wrongful Act;
• a civil or criminal proceeding commenced against and served on or received by a Director or Officer; or
• a formal, administrative, regulatory or investigative proceeding against a Director or Officer commenced by formal investigative order or similar document, etc.

Director(s) or Officer(s) means:

• All natural persons who were, now are, or become a Director or Officer of the Company including de facto and shadow Directors who are natural persons.
• Other Employees of the Company to the extent that they act in a managerial or supervisory capacity, etc.

Employment Practices Wrongful Acts means any actual or alleged:

• wrongful termination of the employment of, demotion of or failure or refusal to employ or promote any person in relation to the Company; or
• discrimination or harassment affecting any Employee of or prospective Employee with the Company; or
• retaliatory treatment against an Employee of the Company on account of the Employee’s exercise or attempted exercise of his or her legal rights, etc.
• Please note, the above text is an extract from the Client’s Insurance Policy.

Insurance of Outside Board Cover
Our Insurance Contract includes this extension to the basic cover, to insure if needed many Directors or Officers of the Company when they hold a mandate as a Member of Board.

Hereafter is a definition of this type of cover:

Underwriters will pay on behalf of any Directors or Officers, Loss arising from any Claim first made against them during the Period of Insurance when serving at the specific written request of the Company in a capacity as a Director or Officer, Trustee, Governor of any Outside Entity in respect of any Wrongful Act committed in such capacity provided that:

• any cover under this extension shall only apply in excess of any other insurance or indemnification available to the Directors or Officers.
  

Professional Indemnity Insurance for "Errors and Omissions"
The purpose of this Insurance is to indemnify any loss incurred as result of Errors and Omissions carried out by an Employee at any level of the Company in the execution of their duty.

• Covered risks include for example:
• Inaccurate or injudicious data transmission
• Incorrect execution of instructions

Errors or general omissions emanating from Employees, whatever their title or function

Insurance Cover for Crime and Financial Fidelity
Specialists in this kind of cover, our Underwriters/Syndicates offer you one of the most sophisticated insurance policies in Financial Lines.

The General Insurance Cover was adapted to Swiss Law and can be adapted to any other European Community legislation.
Listed hereafter are some of the titles of the cover offered by this Crime and Financial Fidelity Insurance, since the Wording represents approximately 29 pages in total.

Insuring Clause 1 – Employee Fidelity
Loss resulting solely and directly caused by dishonest or fraudulent acts of any Employee, wherever committed and whether committed alone or in collusion with others, which acts have been committed by said Employee with the intention either to cause the Assured to sustain such loss or to obtain an improper financial gain to said Employee.

Insuring Clause 2 – Transit
Loss of Property from any cause while the Property is in transit anywhere in the custody of an Employee of the Assured or any person or courier designated by the Assured to act as its messenger or while in the custody of any Security or Armoured Motor Vehicle, etc.

Insuring Clause 4 – Forgery or Alteration (Beneficiaries & Policies)
For example, loss resulting directly from forgery or fraudulent alteration of, on or in any request made for change of beneficiary in any policy issued by the Assured.

Insuring Clause 5 – Forgery or Alteration (Cheques et al)
For example, loss, which the Assured shall sustain, resulting directly from forgery or alteration of, on or in:

• any cheque, draft, promissory note, certificate of deposit, bill of exchange;
  
• any payroll cheque, payroll draft or payroll order made or drawn by the Assured payable to bearer as well as to a named Payee and endorsed by anyone other than the named Payee without authority of the Payee.

Insuring Clause 6 – Securities
Loss, which the Assured shall sustain, resulting directly from the Assured or any Custodian acting for the Assured having, in good faith and in the ordinary course of business, sold or delivered, or given value, extended credit or assumed liability, on the faith of any original, etc.

Insuring Clause 7 – Computer Systems
Loss, which the Assured shall sustain, resulting directly from the Assured, or any financial institution acting for the Assured, having established any credit item, modified or deleted any debit item, paid any funds or deliver any securities as the direct result of the fraudulent input of Electronic Data directly into;

1. the Assured's Computer System; or
2. a Service Bureau's Computer System;

or the fraudulent modification or the fraudulent destruction of Electronic Data stored within or being run within the above systems or during electronic transmission through data communication lines, including satellite links, between the Assured's Computer System or a Service Bureau's Computer System which fraudulent acts were committed by a person who intended to cause the Assured to sustain a loss or to obtain financial gain or himself or any other person.

Insuring Clause 8 – Electronic Computer Instructions

Insuring Clause 9 – Electronic Data and Media

Insuring Clause 10 – Fraudulent Electronic Communication through a Cash Management System

Insuring Clause 11 – Fraudulent Modification of Electronic Communication through a Cash
Management System

Insuring Clause 12 – Fraudulent Electronic Communication by Tested Telex

Insuring Clause 13 – Fraudulent Modification of Electronic Communication by Tested Telex

Insuring Clause 14 – Computer Virus

Insuring Clause 15 – Legal Fees
The Underwriters shall indemnify the Assured for all such reasonable legal fees, costs and expenses incurred and paid by the Assured in the defence of any demand, claim, suit or legal proceeding with respect to which the Assured establishes that the act or acts which were committed would entitle the Assured to recovery under this Policy if any loss resulted therefrom.etc …

A Tailored Solution
To raise awareness of those who have not yet fully imagined the risks incurred in the performance of their duties.

We protect the Company for consequences carried out through human error, including through the negligence of either the Management or the Employees. Such an error may have implications for all those who do their best to ensure the success of their Company and secure their future careers.

It is important to remember that sometimes one or several Directors, Officers or Employees of a Company can be subject to accusations made by any third party.

Independently of the final result, i.e. the outcome of the possible legal procedure, the expenses incurred (Lawyers’ fees, Court expenses, inquiries, etc) could be a heavy burden for the Company and may constitute a drain on the energies and morale of involved Directors or Officers for many years.

It is understood that no Underwriter or Insurer can accept a claim arising from Investment Risks.

Nevertheless, this insurance represents peace of mind for the Decision-Maker. The risk cover secures the Insurance Company’s Business to avoid an important loss in their balance sheet due to any mistake as mentioned above.

The premium itself is more than affordable compared to the risks faced in the current environment.

Eleven "D's"

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