Non-profit and Charities Directors Insurance Quote Overview
In today’s climate of transparency and accountability, an organization’s officers and directors face a myriad of exposures. Regulatory mandates, stakeholder & donor activism mean directors are more frequently at risk, translating to rising claims and escalating settlement costs.
In the wake of unprecedented scandals in recent years, clearly the trend of accountability applies to all organizations. Not for profits, are not exempt from litigation arising out of the management decisions of their boards.
Not for profit organizations provide essential social services that benefit communities and their members. These organizations cannot survive without a solid volunteer Board of Directors assigned to elect officers, adopt policies and make major financial decisions for the organization. Although the members of the board are volunteers, there is a certain amount of risk involved in holding one of these positions. Specifically, even when acting in good faith, board members are subject to potential personal liability, which may affect their personal financial status because of their decisions.
Non-profit and Charities Directors Insurance Quote Policy Features
- Clear, concise insuring clause
- Limits of Liability – per Claim and aggregate
- Insurer duty to defend
- Pay on behalf with advancement of defence costs
- Final adjudication/personal exclusions
- Insured option to settle Claims within retention
- Automatic runoff coverage for past subsidiaries and outside directorships
- Notice of Claim or circumstances clearly defined
- Claims made during the Policy Period and reported as soon as practicable
- 60 days Claims reporting upon policy expiration
- Bi-lateral Discovery Period Extension
- Automatic ERP run-off upon acquisition of Policyholder
- No charge 6 year automatic ERP for Retired Insured Persons
- Non-cancellable except non-payment of premium
- No retention applicable in the event of financial impairment or indemnification restriction
- Full severability of all exclusions and application form
- Non-rescindable coverage
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