SPECIALTY INSURANCE SOLUTIONS

DIRECTORS’ & OFFICERS’ LIABILITY

NON-PROFIT DIRECTORS AND OFFICERS

Non-profit entities are susceptible to the same types of lawsuits as commercial corporations. At Trisura we understand these risks, which is why we have developed two non-profit D&O solutions.

Our standard D&O product, which includes Corporate Indemnity. This is the policy of choice for Non-profits looking for superior coverage for its directors and officers.
or

Non-Profit Management and Corporate Liability Insurance Policy. This not only protects the directors and officers, but also protects the employees, volunteers, trustees, committee members and the non-profit entity itself.

Coverage Highlights

  • Advanced defence costs on all personal conduct exclusions until judgment or other final adjudication of the claim
    • worldwide coverage
    • full policy limits
  • Automatic affirmative coverage for:
    • Employment Practices Liability
    • Third Party Employment Practices Liability
    • Personal Injury
    • Publishers Liability
  • Broad definition of insured includes:
    • the non-profit corporation (entity coverage)
    • directors, officers, trustees, volunteers, employees and members of any duly constituted committees
  • Broad definition of claim includes:
    • demands for monetary damages
    • demands for non-monetary relief
    • civil proceedings
    • criminal proceedings
    • formal administrative or regulatory proceedings
    • arbitration proceedings
  • Affirmative coverage for statutory liabilities
  • Insured vs. insured exclusion has exceptions for:
    • claims brought by a trustee in bankruptcy, interim receiver, or liquidator
    • independent derivative actions, including ‘whistleblower’ exception
    • claims brought by employees, volunteers or committee members for any wrongful act
    • claims brought by employees, volunteers, committee members or officers for employment practices wrongful acts
  • 25% asset threshold for the reporting of newly acquired/created non-profit subsidiaries
    • 90 day automatic coverage for newly acquired/created non-profit subsidiaries that exceed the 25% threshold
  • Contains a ‘soft hammer’ clause
  • insurer continues to pay 75% of defence costs and loss, if the insured declines a proposed settlement
    • 60 day claims reporting window upon the expiration of the policy
  • Narrow ‘for’ language used in our BI/PD exclusion
    • exclusion does not apply to employment practices claims alleging mental anguish, emotional distress or humiliation
  • Favourable subrogation provision:
    • contains judgment or other final adjudication language
    • limit of liability reinstatement
  • Blanket non-profit outside directorship liability coverage is included
  • Spousal and domestic partner liability extension is included
  • Insurer has the ‘duty to defend’
  • Policy is written on a ‘pay on behalf of’ basis and not on a ‘reimbursement’ basis
  • Non-cancellable by the insurer / 20 days in the event of non-payment of premium
  • Bi-Lateral Discovery Period Extension
  • No retention applicable in the event of financial impairment
  • Full severability of all exclusions and application form for insured persons
  • No failure to maintain adequate insurance exclusion
  • No hostile takeover exclusion
  • No libel and slander exclusion
  • No coinsurance clause
  • Affirmative worldwide coverage

Appetite
We underwrite all risks on an account-by-account basis taking into consideration the unique risk characteristics of each applicant.

Minimum Premiums
We do not have minimum premium thresholds.

Classes
We apply our underwriting expertise to any class of non-profit organizations, including:

  • Community Organizations
  • Crown Corporations
  • Foundations
  • Fraternal Societies / Associations
  • Golf / Curling / Country Clubs
  • Heath Care Organizations
  • Historical Societies
  • Industrial / Agricultural Co-ops
  • Labour Unions
  • Museums
  • Nursing / Retirement Homes
  • Performing Arts Organizations
  • Professional Associations
  • Religious Organizations
  • Research / Development Institutes
  • Self Regulatory Organizations
  • Social / Recreational Clubs
  • Social Welfare Organizations
  • Sports Clubs
  • Trade / Business Associations