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Does Your Current Market for Non Profit Directors & Officers Liability Offer a Lifetime Occurrence Reporting Provision?
Non profit directors and officers can be liable for claims long after they leave a board. With this unique coverage element, former directors and officers automatically receive an unlimited extension of protection from claims if the new board elects to cancel or non-renew their coverage. This notable feature provides the advantages of Occurrence coverage under a Claims-Made policy and protects the personal assets of former directors and officers.
Directors & Officers: During a treasurer's term of service on her trade association board, she accepted a large monetary donation intended for the creation of a best practices manuals for all of the members. The enhanced manuals were never created due to time and staffing shortages. A newly elected board used the funds for the association's annual conference instead. Eighteen months after completing her service, the treasurer was named in a suit alleging misappropriation of funds that were intended for the manuals. The former treasurer discovered that the new board had also failed to renew its Directors & Officers policy. Even though she had diligently maintained insurance coverage throughout her term of service, she was, through no fault of her own, left with the liability of the suit.
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