Russell Bond & Co., Inc. March 2017  
 
Non-Profit Directors & Officers Liability
Non-profit directors and officers often rely too heavily upon the immunities and limitations provided by various laws.  They are exposing their personal wealth if the non-profit does not carry adequate Directors & Officers Liability coverage.  Damages in even small lawsuits can exceed the net worth of many individuals.  Even if they prevail, that leaves defense costs which must be paid and can be devastating to the individual if they do not have D&O insurance.

The more common allegations include waste of assets; libel / slander; misleading reports or other; failure to deliver services; misrepresentations; acting beyond their authority; inefficient administration or supervision.
 

Image courtesy of pannawat at FreeDigitalPhotos.net
Eligible risks include (but not limited to):
  • Adult Day Care
  • After School Programs
  • Assisted Living Facility
  • Boys & Girls Club
  • Chamber of Commerce
  • Counseling Center
  • Food Bank
  • Human Society
  • Library
  • Mental Health Center
  • Performing Arts
  • Senior Activity Center
  • Substance Abuse Center
  • YMCA / YWCA
  • Zoo
  

Program highlights:
 
Lifetime Occurrence Reporting Provision - As board members are re-elected or replaced over the years, D&O coverage is sometimes viewed as unnecessary or too expensive.  As a result, policies lapse, expire or even get cancelled. If a director or officer leaves an association board, gets named in a suit based on their capacity as past director or officer, and there is not policy in place, this coverage is triggered.

Broad Definition of Third Party - Ensuring that the organization is covered for allegations from anyone with whom the interact is crucial for full protection.

Definition of Wrongful Employment Act - Internet, Email, Telecommunications - All organizations today use email and the internet to facilitate communication among their employees as well as their customers and vendors. As technology continues to be an integral component of an business, it is imperative that this exposure is covered.

Coverage for actual or alleged violations of the Fair Labor Standards Act (FLSA) - Understanding the difference between and “exempt” versus a “non-exempt” employee is getting more difficult in the current legal and regulatory environment, and making mistakes can be very costly without this coverage

  
Call us at   800-333-7226
 
Joanna Brancaleoni Ed Chadwick Tonya Hollederer Jackie Oddo
Joanna Brancaleoni, ext. 121
jbrancaleoni
@RussellBond.com
Ed Chadwick, ext. 261
echadwick@RussellBond.com
Tonya Hollederer, ext. 133
Vice President / Senior Broker
thollederer@RussellBond.com
Jackie Oddo, ext. 161
joddo@RussellBond.com
 
A Wholesale Insurance Broker Unlike Any Other TM
 
____________________________________________________________________________
67 Years
1950 - 2017
866 Ellicott Square Bldg.  |  295 Main Street  |  Buffalo  |  NY  |  14203
1670 Whitehorse - Hamilton Square Road  |  Hamilton  |  NJ  |  08690
Hampton Ponds Plaza # 12 |  1029 North Road  |  Westfield  |  MA  |  01085
800.333.7226  |  www.RussellBond.com  |  Fax: 800.677.6779
Trusted since 1950
    JC