Directors' and Officers' Liability Insurance Services

Ποσότητα ή έκταση

The Policy will cover Management Liability, Non-Executive Director Special Excess Limit, Company Securities, Investigation, Outside Directorship , ExtraditionThe policy will be concluded with an initial annual period with effective date to be advised and with the right to renew for other 2 consecutive years with an option for a further extension for 6 months at the end of the 3rd year, subject to the agreement from both parties at the end of each policy year.In brief, with a maximum insured coverage limit of 50 million EUR, the requested cover will, inter alia, include indicatively and not exhaustively, the following:a. The Insured's' legal defense costs and expenditures incurred by the Insured for the preparation and representation in investigations which they required to attend;b. Pecuniary claims that will be awarded against the Insured under an irrevocable court judgment or arbitral award, or after an out of court amicable settlement and after having the insurer's agreement;c. Employment claims against Directors and Officers;d. Liability coverage of Officers of independent agencies;e. Cover for claims against legal heirs and legal representatives;f. Extended reporting period of claims in the event of termination and non-renewal or non-replacement of the insurance policy with another insurer, and/or in the event of any form of change in control, and/or in any form of termination of function or abolishment of HRADF ( of 5 years for the valid administration officials and at least 6 years for retiring members);g. Coverage for the members of the Council of Experts;h. Coverage for Outside Entity Directors;i. Coverage of claims raised by the major shareholder (not excluded);j. Emergency costs without prior written consent of the insurer;k. Entity employment practice liability (Entity EPLI).250 000

Πρόσθετες πληροφορίες

To all applicants the following documents will be submitted:

a. Invitation, Terms and Negotiation Process Instructions;

b. Draft insurance policy in English;

c. Issue “Specimens”, which includes declaration of acceptance of the Terms of Tender and acceptance of offer for a period of 90 days after its submission;

d. HRADF underwriting information and proposal form.

The three sealed envelopes must be enclosed inside an outer envelope (also sealed) showing only the above address and the name of the Applicant and the Tender it refers to.

Tenders must be submitted using the three-envelope system, with separate sealed envelopes containing:

a. the Supporting Documents;

b. the Technical Proposal;

c. the Financial Proposal.

Tenders ahould be submitted to Hellenic Asset Development Fund S.A., Kolokotroni & Stadiou Str. | 105 62 | Athens | Greece [+30] 210 3274400 Tenders must reach HRADF offices before 17:00 pm local time on the 26th of May at the address indicated above, in sealed envelopes, to the attention of : Mrs E.Ioannou – Finance Director.

Tenders received after the closing date and time will not be considered. It is stressed that Tenders received by fax or by e-mail will not be considered also.

The participation in every phase of the Tender implies full acceptance by each applicant of the tendering approach and of respective terms and conditions.

The insurance contract will be subject to Greek Law and Jurisdiction.

This Tender is made in accordance with the provisions of the relevant EU and Greek Legislation, and the respective internal procedures of HRADF. By participating in the Tender, the Applicants acknowledge that they accept the above.

The tender process is concluded with the approval of the outcome by the authorized officers of the Company.

Before the completion of the Tender and before signing the Contract, the Tenderer who has emerged as the lowest bidder , is invited by letter and is required within 10 days under penalty of exclusion , to provide the necessary evidence, in accordance with his solemn declaration , paragraph B4 of this Declaration as follows :

a. The Original Cover Notes, where the reinsurers are explicitly referred, as well as any percentage of own retention of the insurance companies that cover 100% of the risk, as well as their percentage of participation in the risk.

b. The above certificate should be accompanied by an original letter of each reinsurer to the insurance company , stating that he provides reinsurance support, for ..% of 100 % of the risk ( ie ......... a percentage for the overall limit of cover, which amounts to EUR 50.000.000) or for … % percentage of 100 % of the risk of the layer in which he participates ,in accordance with all the terms of the Tender , which he states that he has read and wholly accepts. All reinsurers participating in this risk should be rated at least with Class A-(A minus) from internationally respected and sound rating agencies.

In case of a consortium of insurance companies, the Cover Notes issued by the Leader company, shall bear the seal and signature of the other insurance companies for their share in the risk. If the bidder fails to appear in the said deadline, the HRADF shall be entitled to nominate him deposed.

In the case of a consortium of insurance companies, the award will be made in the name of all members of the consortium who in their turn are obliged to submit the above requested certifications (a and b above) each one for its respective share of participation in the insurance cover and they will be responsible towards HRADF for their percentage of participation in the insurance.

The draft Policy included in this Tender constitutes the final insurance contract that will be signed between the HRADF and the insurance company or consortium of insurance companies.

HRADF reserves the right to cancel the Tender partially or in the whole, if it determines that:

a. The Competition was held without concordance with the rules, consequently influencing the outcome of the tender

b. The result of the contest is unsatisfactory for HRADF

c. There was insufficient competition

HRADF will not be responsible for, nor pay for, any expense or loss which may be incurred by any Tenderer in the preparation and submission of his Tender or otherwise related thereto and regardless of the conduct or outcome of the tendering process.

a. Participation in the Tender Process ( Bidding ) equals to a statement by the Tenderer that he had full knowledge of the terms of the relevant procedure as well as all data and parts of the Tender.

b. HRADF reserves the right to postpone the date of submission of Bids or make any modifications to documents of the Tender. These changes will be included in supplements of the Tender, which will be published in the same manner as this invitation to tender.

c. The bids of the Tenderers submitted in accordance with the guidelines of the invitation to tender, are considered suggestions to HRADF, and not accepted proposals.

d. Any omission in the submission of the bid, or in the signing of any document, does not entitle the Tenderer to qualify for an exemption or a reduction of liability.

e. The conditions and restrictions related to the submission of bids are to the benefit of HRADF, who is entitled, prior to the submission of the bids to resign from them, without creating any rights for the Tenderers or any other third party.

Περιγραφή των επιλογών

The policy will be concluded with an initial annual period with effective date to be advised and with the right to renew for other 2 consecutive years with an option for a further extension for 6 months at the end of the 3rd year, subject to the agreement from both parties at the end of each policy year. It is clarified that in case of disagreement as to the renewal of the above, HRADF has the right to request from the Insurance Company and the Insurance Company is obliged to accept, the extension of coverage for four(4) additional months , with pro-rata charge in order to ensure adequate time for the conduction of a new tender.