ICICI Lombard, HDFC Ergo, New India Assurance and National Insurance are among the insurers who will offer a tailored insurance cover soon for insolvency professionals as the new breed of executives stare at multiple risks from charges of sabotage to negligence.
While there are broad indemnity covers, these are available only for a company's top executives and board of directors. However, it wouldn't cover an insolvency professional who would take charge of running a company during bankruptcy proceedings. The board of directors remain suspended, though top management staff will be drawn up to help run the company.
