It covers directors and officers of an organization that mismanages and causes damages to stakeholders such as shareholders, consumers, customers, public agencies (in case of violation of law & regulation) etc. and the committee/director/officer is sued.
It covers unpaid account receivables, in which the insurance company will offer 90% coverage of total amount of the unpaid account receivables, provided that all the customers (buyers)’ names under insurance must be declared so that the insurance company can analyze the financial security of those customers. This insurance will benefit the company that enters into the business with the new customer. The insurance company will analyze the new customer’s credibility from the global company database.
The Liability for Damages Arising from Unsafe Products Act B.E. 2551 stipulates liability of product owner to consumers, but Product Liability Insurance does not specify which type of products is categorized as unsafe. If a consumer suffers from damages arising from the use of any product, it will be deemed as an unsafe product, according to this Act. Therefore, all product manufacturers should have this insurance to prevent the unpredictable circumstances in the future.
