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Directors and Officers Liability Insurance Coverage

           
Serving on a non-profit board or committee can be a rewarding experience; with it come many responsibilities and potential exposures for both the individual and the organization.

Directors and Officers Liability insurance protects people who serve on boards and committees of non-profit associations and charitable organizations against damages arising out of Wrongful Acts committed in the course of duty as directors and officers.

Do any of your board members think you don't need Directors and Officers Liability Insurance?  Here are Six Good Reasons why every board member should consider having the coverage, and it all boils down to being personally liable as a Director.


Directors and Officers Advantage is designed for:  
  • Arts organizations
  • Associations and societies
  • Charitable organizations
  • Condominium corporations
  • Fraternal and social organizations
  • Seniors organizations
We offer two distinct products:

1. Non-profit Organization Liability

Who does this insurance cover?
  • Past, present and future Directors and Officers
  • Employees
  • Volunteers
  • Committee members
  • Trustees
Claims must be made during the policy term, but Wrongful Acts may have occurred at any time in the past.

Features:
  • A combined Errors and Omissions/Directors and Officers coverage
  • Full entity protects the organization against Wrongful Acts committed by an insured
  • Defense costs included in the limit
  • Optional one-year extension period if the policy is cancelled or non-renewed
  • No exclusion for harassment, discrimination or personal injury (no coverage for abuse)
  • Spouse Liability extension available
  • Newly acquired subsidiaries automatically covered for 60 days

2. Condominium Corporation Directors and Officers Liability

Who does this insurance cover?
  • Directors and Officers, their heirs and estates
  • The Condominium Corporation, when it is legally required to indemnify its Directors and Officers
Both the claim and the act that gave rise to the claim must occur during the policy term.

Features:
  • Available stand-alone or as part of an Advantage Package
  • Defense costs included in the limit
  • One-year discovery period available (if policy is cancelled at the insurer’s request) and a written request is made prior to the termination date
  • Limited personal injury coverage
  • Endorsement available for buy-back of insurance exclusions
  • Coverage for Wrongful Acts which occurred prior to the policy period if the insured has no knowledge of the claim and there is no other   insurance
Directors and Officers Advantage is not designed for*:
  • Directors and Officers of for-profit corporations
  • Municipalities and public bodies
  • School, health and labour boards
* Contact our Account Managers for individualized quotation if your business is represented in this list.

Request a no-obligation business insurance quote online or from an HS Financial Account Manager at 1-800-411-7979 to find out more.