Novato, Calif.-based Fireman’s Fund Insurance Co. has launched a new optional endorsement available to Prestige Excess policyholders, increasing liability coverage for directors and officers of nonprofit organizations with limits up to $10 million. The endorsement protects policyholders who serve on the boards of nonprofit organizations, such as: libraries, religious organizations, charities, arts organizations, homeowners’ associations and museums. It is designed to cover the gap in risk exposure, giving policyholders personal control over liability coverage. Individuals determine their own asset exposure and coverage, rather than relying on the organization’s business manager to provide adequate coverage.
The optional nonprofit D&O endorsement covers: misuses of fund, including improper distribution to beneficiaries; failure in other duties to beneficiaries; state Attorney General actions for acting outside the organization’s charter; discrimination in membership criteria or grants; actions charged under the Wrongful Employment Act; personal injury; mismanagement of assets and funds; property damage; and bodily injury.
The optional endorsement is now available in 37 states including: AZ, CA, CO, DE, DC, FL, GA, HI, ID, IL, IN, KS, MA, MD, ME, MI, MN, MO, NC, NE, NJ, NM, NV, NY, OH, OK, OR, PA, RI, SC, TN, TX, UT, VA, WA, WI and WY.
For more information, visit www.firemansfund.com.
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