Does your regulatory body or agency have people serving as trustees, directors or officers? If so, your organization’s assets and the personal assets of those individuals may be exposed when any error, omission, misleading statement, neglect or breach of duty, employment practice violation or wrongful act such as discrimination or harassment, is alleged by a third party against a person acting in their capacity as a member of the organization.
Management Liability PLUS is a unique, bundled insurance package that has been designed to meet the specific needs of regulatory agencies.
Errors & Omissions coverage provides insurance protection for wrongful acts to a third party (actual or alleged negligent acts, errors or omissions) committed by the organization and/or its representatives when acting within their professional capacity as a regulatory body or representative thereof.
Directors’ and Officers’ Liability Insurance provides coverage for a regulatory body and its trustees, directors and officers who may be exposed to liability through the actions (or inactions) of a person acting in their capacity as a member of the organization. This includes claims arising not only out of the actions of directors, officers, and trustees, but also of employees, volunteers, and committee members. Directors’ and Officers’ Liability Insurance responds when any error, omission, misleading statement, neglect or breach of duty, or wrongful act such as discrimination or harassment, is alleged against any person acting in their capacity as a member or representative of the organization.
Directors’ and Officers’ Liability Insurance also provides coverage for claims resulting from board/managerial decisions that have adverse financial consequences. These can include claims for damages related to:
Employment Practices Liability Insurance provides protection for a wide range of employment practice violations, including claims made against the regulatory body and/or its representatives related to:
Do you encourage your representatives to contribute their time and talents to community activities, such as serving as director, officer, or trustee of another non-profit organization? While outside board directorships can be a useful extension of corporate activity and represent good corporate citizenship, they can also create complicated liability issues and unintended losses for your organization.
Your regulatory body faces exposure when your employees or representatives participate on the boards of outside organizations. Outside Directorship Liability Insurance offers protection for your organization and its representatives in these circumstances.
Does your organization sponsor or operate an employee pension plan or benefit plan? If so, your regulatory body and its representatives face exposures related to fiduciary liability.
Any individual or organization who sponsors or manages an employee benefit or pension plan is considered a fiduciary. The primary responsibility of a fiduciary is to exercise discretionary authority or control over investments or the distribution of assets within an employee benefits plan, such as a pension plan or medical, dental, life and accident benefit plan.
The fiduciary is tasked with managing the plan in a way that serves the interest of all employees who participate. Any individual or organization holding the title of fiduciary is exposed to certain liabilities under the law if employees feel that the fiduciary duty has been breached. Fiduciary liability insurance is coverage that protects individuals acting as fiduciaries from the financial liabilities associated with their role as the authority managing an employee benefit plan.
There are a number of different types of errors and fraudulent behaviours that can lead to a fiduciary liability insurance claim, including: