Entity cover for Critical Occurrence

Entity cover for Critical Occurrence: Cover is available for the company for the cost of engaging a public relations consultant to mitigate damage should the company suffer a drastic fall in its share price within 24 hours due to prescribed events.

Entity cover for Critical Occurrence adalah perluasan jaminan asuransi “Directors & Officers Liability” yang memberikan jaminan terhadap biaya-biaya public relations consultant untuk mengatasi kejadian kritis seperti terjadi pada Apple akibat Keputusan Steve Jobs untuk mundur dari posisinya sebagai CEO Apple yang mengakibatka harga saham Apple menjadi turun drastis.

Kejadian-kejadian Kritis (Critical Occurrences) dapat disebabkan oleh beberapa hal misalnya karena meninggalnya atau mundurnya “key executive officers”, pejabat eksekutif perusahaan atai CEO atau Icon Perusahaan tsb, restrukturisasi utang perusahaan, atau akibat publikasi keuntungan atau kerugian perusahaan yang diluar ekspektasi, kehilangan kontrak atau pelanggan utama, atau hal-hal lainnya yang disepakati dalam polis.

Tentu saja terdapat persyaratan-persyaratan untuk berlakunya jaminan Entity cover for Critical Occurrence misalnya:

  1. persyaratan tentang apa saja yang dimaksud dengan “Critical Occurrences”
  2. besarnya penurunan harga saham yang disepakati sebagai “Critical Occurrences” 5%, 10% atau 15% tentu saja tergantung volume dan besarnya transaksi perusahaan.
  3. biaya-biaya apa saja yang dijamin : public relation, consultant, lawyers, etc
  4. berapa lama masa jaminan (indemnity period) : 30, 60, atau 90 hari?
  5. tentu saja Limit of Liability nya berapa besar: 1, 2, atau 3 juta USD?

Salah satu wording Entity cover for Critical Occurrence yang dikutip dari Polis QBE Directors & Officers Liability adalah sbb:

Entity Protection for Critical Occurrences

Where this Optional Extension has been granted Loss shall include the cost of a mutually acceptable public relations consultant in response to a fifteen percent (15%) or more reduction in the Company’s share price within a twenty-four (24) hour period arising from:

  1. a change in the Company’s debt structure; or
  2. the restatement of previously published financial statements, future profit or earnings expectations; or
  3. the loss of patent or intellectual property; or
  4. the loss of a major customer or major contract; or
  5. a product recall; or
  6. death or departure of key executive officers; or
  7. Information Technology breakdown; or
  8. elimination or suspension of dividend; or
  9. the write-off of a material amount of its assets; or
  10. Mass Tort;

PROVIDED ALWAYS THAT such costs are to be expended within sixty (60) days of the occurrence of the change referred to in (a) to (j) of this Optional Extension.

The maximum aggregated amount payable under this Optional Extension shall not exceed item 3.9 of the Schedule, which is in addition to the Limit of Indemnity.


Ada pertanyaan mengenai D&O dan Entity Protection for Critical Occurrences ?

Please give me a call at +628128079130 or email: imusjab@qbe.co.id




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