The executive and administration board has an important role in taking decisions related to ECES. In view to ensure ECES board members against legal risks related to the performance of their functions and duties, ECES subscribed an insurance policy with the well-known insurance company AIG Europe Limited.
AIG is an international insurance company that offers its services to customers in more than 100 countries and jurisdictions. AIG has commercial, institutional and individual customers within one of the biggest insurance networks.
The insurance policy with AIG covers:
- Warranty for individual responsibility: damages and expenses related to a management offense committed in the performance of the administrator’s duties and functions;
- Warranty for indirect responsibility: damages and expenses related to a management offense for which the manager is legally responsible (even if the offence didn’t incur in the direct performance of his duties and functions;
- Company warranty: damages and defense relates expenses paid by the company;
- Warranty for image recovery procedure;
- Warranty for External Mandate: damages and defense expenses for a claim related to a management offense incurred in the performance of an external mandate;
- Lawyer: Coverage of damage costs related to a management offense incurred in the performance of the Lawyer;
- PDA 100: in case of a claim related to the individual responsibility, indirect responsibility or company warranty against ECES and ECES Board member, the insurance will cover 100% of defense expenses if both parties (ECES and ECES board members) have the same lawyer.