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Does Your Current Market for Non Profit Directors & Officers Liability Offer a Lifetime Occurrence Reporting Provision?

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.

VALUABLE FEATURES

  1. Lifetime Occurrence Reporting Provision is a unique feature not commonly found in Directors & Officers and Employment Practices Liability policies.
  2. Automatically included for no additional premium.
  3. Directors & Officers Liability reporting also extends to all Individual Insureds.
  4. This extension provides former board members peace of mind for their decisions and actions in the event that their successors fail to maintain their Claims-Made coverage.

CLAIMS EXAMPLE

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.

Let us help you with your Non Profit Directors & Officers Liability needs!

Oil and Gas Consultants

Oil and Gas Consultants

Classes of Business:

  • Oil and Gas Consultants who strictly observe and report – which means no hiring, firing, or selection of personnel. No direct supervision or oversight of the rig.
  • Classroom education of health/safety issues (oil and gas related).
  • Pumper Gaugers – Limited to reading of meters only (non-contracting services).
  • Wellsite Consulting Engineer who strictly observe and report – which means no hiring, firing, or selection of personnel. No direct supervision or oversight of the rig.
  • Reserve Modeling Consultants/Reservoir Engineers
  • Petroleum Geologists
  • Plant Maintenance: Including Vacuum Services and Industrial cleaners (Pressure Washing of Equipment)
  • Mud Dealers (not engaged in any service work).

Coverages:

  • Will consider General Liability, Pollution Liability and Errors & Omissions up to $1 MIL/$2 MIL/$1 MIL in limits
  • Revenues under $100,000 – minimum deductibles are $2,500 GL and $5,000 Pollution & E&O
  • Revenues over $100,000 – minimum deductibles are $5,000 GL and $10,000 Pollution & E&O
  • Minimum premium is $7,000 for a $1 MIL/$2 MIL/$1 MIL and $6,250 for a $1 MIL/$1 MIL/$1 MIL plus applicable fees and taxes

Submission Requirements:

  • Main Form Application
  • Oil and Gas Supplemental Application
  • 5 year currently valued loss runs
  • Current project listing
  • Resumes of key personnel
  • Standard contract used for clients and sub contractors
  • A copy of the expiring policy

Need a quote? We'll get it to you fast!

Check out our website or give Bob, Bev or Aimi a call for an application today!