Non-Profits Directors & Officers Liability
New York State High School Officials/Coordinating Federation
Summary of Insurance
Please note that certain terms in the policy are specifically defined. Please consult the policy for exact definitions. Please note that this policy contains “Claims Made” Provisions. Claims under this policy must be submitted to the Insurer during the policy period or the extending reporting provision, if purchased, for coverage to apply.
Policy Term: 9-1-09/10
Carrier: Ironshore Indemnity, Inc.
Named Insured:
New York State High School Officials Coordinating Federation, et al
Including:
- NYS Baseball Umpires Assoc.
- NYS Assoc. of Approved Basketball Officials
- NYS Assoc. of Certified Football Officials
- NYS Congress of National Hockey Officials Assoc.
- NYS Lacrosse Officials Assoc.
- NYS Approved Soccer Officials Assoc.
- NYS Certified Swimming Officials Assoc.
- NYS Track and Field Officials Assoc.
- NYS Wrestling Officials Assoc.
- NYS Assoc. of Certified Officials for Girls Basketball
- NYS Assoc. of Certified Field Hockey Officials
- NYS Officials of Girls Gymnastics
- NYS Officials of Girls Lacrosse
- NYS Softball Officials
- NYS Certified Volleyball Officials Organization
Limits of Liability
- Each Loss: $1,000,000
- Each Policy Year: $1,000,000
- Defense Cost Outside The limit: $1,000,000
Coinsurance Percent
.1% of 1st million for non indemnifiable losses
Deductible (including Defense)
- $100 Per Director/$1,000 Aggregate for non-indemnifiable loss
- $15,000 for directors and officers claims
- $15,000 for employment practices claims
- $50,000 for class action suits
Pendig or Prior Date 05/17/06
Major Exclusions: This policy does not apply to any claim:
Prior to inception date, knowledge of circumstances that might lead to a claim;
Prior notice;
Bodily injury/Property damage;
Pollution;
Dishonest or fraudulent acts;
ERISA violations;
Insured vs Insured, except for wrongful employment practices claims;
Breach of contract;
For or relating to the cost of providing the reasonable accommodations required by the ADA;
Nuclear;
Child abuse, physical, sexual or mental abuse;
Antitrust Exclusion;
Major Definitions
Insured:
The organization and any past present or future duly elected or appointed Directors, Officers, Trustees, Employees, Volunteers or Committee Members of the organization in their capacity as such, or estates, heirs, legal representatives or assigns of such persons who are deceased or incompetent
Wrongful Act:
any error, misstatement, misleading statement, act, omission, neglect or breach of duty committed, attempted or allegedly committed or attempted, by any insured, individually or otherwise, in an insured capacity, including wrongful employment practices, personal injury or third party discrimination.
Claim:
a written demand for monetary relief or civil, arbitration, regulatory or administrative proceeding for monetary relief or non-monetary relief which is commenced service of compliant or similar proceeding, demand for arbitration or similar document or receipt of notice of charges or similar document
Example Claim Exposures for Directors, Officers, or Trustees
Allegation of Wrongful Acts
- Conflict of interests
- Fraudulent conduct, reports, financial statements or certificates
- Breach of contract
- Torts
- Violation of statute
- Violation of provisions of articles or by-laws
- Improper self-dealing
- Acquiescence in conduct of fellow directors engaged in improper self-dealing
- Transactions with companies in which officers or directors are personally interested
- Allegation of Financial Mismanagement
- Employment practices liability
Inefficient administration resulting in losses
- Sale of assets for unreasonably low prices
- Wasting of assets
- Extension of credit where not warranted
- Failure to ascertain whether extension of credit is warranted
- Allegation of Mistakes or Errors in Judgement
Disclosure of material facts
- False or misleading reports
- Dissemination of false or misleading information
- Permitting organization to make improper guarantees
- Allegation of Negligence
Continual absence from meetings
- Failure to examine reports and documents before signing
- Failure to detect and stop embezzlement of organizational funds
- Failure to file annual report
- Failure to require withholding tax
- Failure to inspect organization books and records to keep abreast of its activities
- Failure to supervise the activities of others in a proper manner
- Failure to verify facts in official documents before signing them and filing them
- Shirking responsibility