Given today’s legal and economic climate, there is a real need to protect board members, officers, staff and our organizations themselves from the uncertainties of claims against directors and officers, in particular employment practices liability claims. Providing D&O and EPL coverage is the cornerstone for good nonprofit risk management.
HANO members can now take advantage of a valuable, money-saving members-only benefit: low-cost, high-quality directors and officers insurance. The HANO D&O Protection Program provides exclusive coverage at a preferred premium, coverage not available to Hawaii nonprofits that are not members of HANO.
To administer the program, HANO chose American Mutual Group. It is underwritten by Monitor Liability Managers, a wholly owned subsidiary of the W. R. Berkley Corporation, an insurance holding company with assets exceeding $12 billion.
D&O liability insurance gives nonprofit directors and officers the protection they need from personal liability and financial loss arising out of wrongful acts committed or allegedly committed in their corporate capacities, in particular employment practices claims.
The features of the HANO D&O Protection Plan include:
- Board directors and officers and employment practices liability coverage with competitive terms
- 24 to 48 hour response time on most applications for quotes
- Automatic renewals for most small nonprofits, dispensing with the need for additional documentation upon renewal
- One of the fastest response times for quotes in the industry
- Policy issuance within 2 weeks of policy conditions being met
If a claim should arise, Monitor has a highly professional and skilled claims staff to assist the policy holder and ensure the highest standards in claim management. Monitor also maintains an elite panel of defense counsel with expertise in nonprofit clams, poised to defend the organization.
Each insured HANO member also receives complimentary access to a toll-free Employment Practices Prevention Hotline to assist in avoiding employment pitfalls.
Monitor has also added third party liability coverage for HANO D&O Protection Program participants at no additional cost. The usual amount charged for this enhanced coverage varies between 10 and 20 percent, depending upon the nature of the insured organization.