Managing risk is an important component of organization management. Lawsuits are often capricious and not-for-profit organizations are frequently targeted. Just one lawsuit against a board member, staff member or volunteer could bankrupt your organization. Some people refer to directors and officer’s liability as the “malpractice” insurance for officers and directors.
That’s why it is important for your organization to have Directors & Officers Liability insurance.
Directors & Officers Liability insurance provides defense and settlement coverage against claims and lawsuits that could otherwise jeopardize the assets of your organization.
Whether you want to compare rates or are looking for a first-time policy, this is the finest program available. (All program participants must be MSAE members.)
Selecting a D&O Liability Policy:
All of the following should be included or available to add by Endorsement
• Broad definition of “insured” should include past, present, or future directors, officers, trustees, members of commissions, committees, general counsel, employees, and lawful spouses. Employee includes Full-Time, Part-Time, Volunteers, Seasonal, Leased, Temporary, and Independent Contractors
• Broad Definition of Claim should include Monetary and Non-Monetary Relief
• Entity Coverage
• Automatic Coverage for Nonprofit Subsidiaries
• Full Prior
• Acts
• Severability of the Application
• Spousal Extension
• Outside Directorship Liability
• Acquisitions
• Punitive or Exemplary Damages Included, where insurable
• Duty to Defend
• Employment Practices Liability should cover wrongful firings, discrimination or sexual harassment (and should include the executive director)
• Third Party Liability
No Built-in Exclusion for any of the following:
• Antitrust;
• Failure to Effect or Maintain Insurance;
• Insured vs. Insured; or
• Patent, copyright Infringement
• Worldwide Coverage
• Consent to Settle (70/30 hammer clause)
• 90-Day Automatic ERP (Extended Reporting Period), with options of 12.24 & 36 months
• Automatic EPL (Employment Practices Liability) ERP to former D&O’s
• Defense Outside the Limits of Liability available
• Personal Injury Coverage
• Pre-Judgment and Post-Judgment Interest
• Choice of Legal Counsel
• Fiduciary Liability Coverage is available.
•
Crisis Management Expense Supplemental Coverage
• Identity Theft Expense Supplemental Coverage up to $50,000.
• Sub-Limits available for Anti-Trust, Intellectual Property, and Broadcasting Exposures.
• Waiver of Deductible if No Liability
Competitive Rates
You realize the importance of protecting your organization, however you don’t think your organization can afford coverage. Michigan Society of Association Executives’ endorsed program has no minimum premium requirement.
Time is of the Essence
The Walton Agency has simplified quoting. The application has 7 questions to answer and requires little time to fill out. In most cases we will either have your quote within 24 hours.
Call MSAE at 517.332.MSAE or Cindy Gascoyne at the Walton Agency at 800.837.2601 or 517.787.2600 to receive the application. You may also email Cindy at cgascoyne@waltonagency.com
We’re Qualified
Walton Agency has access to numerous very reputable carriers.
The Hanover Insurance Group Property & Casualty Companies is Best Rated “A” and offers very comprehensive coverage with their Management Liability policy.
Walton Agency has been serving Michigan for 50 years and is centrally located in Jackson. The agency provides clients with all forms of insurance.
Michigan Society of Association Executives is a nonprofit organization that represents association and nonprofit executives throughout the state of Michigan. It provides educational programming and a variety of services and networking opportunities to its members.
For more information, contact the MSAE office.