Publicly listed SUN Insurance Company Ltd has launched the Directors & Officers Liability (D&O) Insurance and Professional Indemnity (PI) Insurance.
The products expand the company’s specialist insurance offerings to businesses, business owners, directors, officers and professionals across Fiji.
The insurance products are intended to cater to small and medium-sized enterprises, family-owned businesses, larger corporates, statutory bodies and professional service providers.
According to the company’s market announcement issued to the SPX, the strategic significance of extending these specialist insurance offerings is to support businesses of different sizes, including locally owned enterprises and small business operators.
The products provide additional options to manage risks associated with management decisions, professional services, and business leadership responsibilities.
The D&O Insurance is designed to provide protection against certain claims alleging wrongful acts by directors and officers in the performance of their managerial duties.
Depending on the policy structure and cover selected, protection may include defence costs, covered liabilities, protection where an organisation cannot indemnify its directors or officers, and reimbursement where the organisation has provided indemnification.
The PI Insurance is designed to provide protection for eligible professional and service-based businesses against certain claims arising from their professional services.
This cover applies to businesses and professionals whose clients rely on their expertise, advice, or services, subject to underwriting eligibility.
SUN Insurance chairman Padam Lala said the products provided business owners, directors, and professionals with additional options to protect against certain management and professional liability risks.
“We recognise that businesses of all sizes contribute to Fiji’s economy. Our aim is to offer relevant insurance solutions to a wider cross-section of the business community, including small and medium-sized enterprises and locally owned businesses, alongside larger corporates and professional organisations,” Mr Lala said.
According to the company, cover options and limits will be considered based on each applicant’s needs and risk profile.
Both products are now available for enquiries and quotations, subject to underwriting assessment.
