DIRECTORS AND OFFICERS COVERAGE:
As a member of the Board of Directors you are faced with many decisions which will carry an impact in someone’s life. If that someone deems what you’ve done to be unfair, a lawsuit will be filed. Decisions reached by you and the Board are not covered under any element of General Liability which is why you need a Director’s and Officers policy to cover legal fees as well as any claims awarded.
Not all Directors & Officers liability policies are created equal. Cost aside, coverage can be and often is quite different from one insurance company to the next. We recommend you consider the following guidelines as a starting point in your quest for quotes.
- A minimum limit of $1,000,000.
- Provide indemnity to volunteer Board members and Committee members
- 3rd party non-employment discrimination
- Full Prior Acts coverage
- Cyber liability protection
- Legal Defense Cost outside policy limits
- Coverage for Property Managers
- Full Prior Acts coverage
- Full limit defense costs for 3rd party breach of contract claims
- Failure to maintain or obtain insurance
- Legal fees for demands seeking non-monetary relief.
- Employment practices liability