Directors’ and employees’ liability insurance for SELAE

Summary

The tender covers directors’ and employees’ liability insurance for Sociedad Estatal Loterías y Apuestas del Estado (SELAE). Cover must include losses arising from claims first made against insured persons during the insurance period, as well as legal defence and investigation-related expenses. The aggregate limit is €10,000,000 per insurance period. It includes, rather than adds to that limit, sublimits such as €2,000,000 for crisis-management costs, €550,000 for public-relations costs, €300,000 for reputation-protection costs, €50,000 for psychological assistance, €120,000 per insured person and €240,000 per period for loss-of-assets expenses, and €7,500,000 for administrative fines and penalties. The deductible for the company’s criminal-liability defence costs is €25,000; territorial cover is worldwide and retroactivity is unlimited. Bidders must account for the appointed broker’s commission in their pricing. The insurer pays this commission under a separate brokerage contract, which sets a maximum of 10% of annual net premiums. The insurer must comply with SELAE’s information-security and confidentiality rules and report any security incident affecting SELAE within five working days at the latest. The technical specifications do not set bidder turnover, experience, staffing or certification requirements.