Financial institutions are one of the most difficult classes of directors and officers liability to insure because they are subject to significant regulatory and civil actions against their directors and officers.
Coverage is available for these exposures of mutual fund managers and investment advisers, mutual funds only, mutual funds and investment advisors, or investment advisors only. A combined package of coverages provides full directors and officers and full errors and omissions coverages on a claims-made basis. An optional extension period may be purchased if the insurer cancels or nonrenews.
This coverage protects the nonprofit itself, its directors and officers, employees, and even committee members. Some carriers include a limited amount of this coverage as part of their package policies. Trade, fund-raising, and research organizations, churches, fraternal organizations, and other nonprofit organizations are eligible. Farm co-operatives and hospitals are difficult classes for this coverage. Some underwriting factors to consider are … Read More
This coverage indemnifies a labor organization for claims that result from actual or alleged negligent acts, errors, or omissions committed in the conduct of its business. Actions of local unions, district councils, state bodies, city or area councils, international organizations, apprenticeship committees, schools, and other organizations that the Department of Labor recognizes and regulates may be covered. Labor organization officers, … Read More
Homeowners associations are nonprofit organizations made up of property owners who work together to govern and maintain jointly owned property. Community swimming pools, tennis courts, golf courses, and clubhouses are maintained for the use of members and their guests. Property owners pay fees for services the association renders to maintain these and other facilities, in addition to maintaining all common … Read More
A condominium association is a legal entity of individual unit-owners who own their individual living spaces but jointly share ownership and responsibility for maintenance and upkeep of common areas. Condominium association bylaws are established under enabling statutes of each state and require management of the condominium by a board of governors or directors. Board members are usually (but are not … Read More