HANO to offer a money-saving directors and officers insurance program

At the Nov. 1 member meeting, John Flanagan, HANO president and CEO, announced a valuable, money-saving member benefit: Lower cost directors and officers insurance.

The HANO D&O Protection Program will be administered by Earl Hisatomi of the Hawai‘i Insurance Consultants agency. State associations in many other states now offer this low-cost coverage, which is provided nationally by Monitor Liabilities Managers, Inc., a wholly owned subsidiary of the W. R. Berkley Corporation, an insurance holding company with assets exceeding $9 billion.

"We expect our members will see significant savings," Flanagan said. "For example, HANO with fewer than ten employees and a budget less than $1 million per year now pays an annual premium of about $2,800 for $1 million in coverage. Our premium under the new HANO program will be less than $1,000 per year, a savings of almost two thirds."

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.

More information will become available about the plan on the HANO web site.