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Free Equine Directors & Officers Liability Insurance Quote

Protect Your Personal Assets As A Director Or Officer

As a director or officer of an organization, it’s your responsibility to represent all the members of the organization. They expect that you carry out your duties in the best interest of the organization in an honest and legal manner. After all, you were likely voted into your position because the members trusted you to act in their best interest.

What you’ll discover in this report:

  • The reason for Directors & Officers Liability
  • Who could make a claim against Directors and Officers
  • How Directors & Officers Liability differs from other Liability Insurance
  • Common claimants
  • How Director and Officers Liability Insurance is different than Professional Liability and Errors and Omissions Insurance
  • A General Liability Policy

Why Do I Need Directors & Officers Liability Insurance?

If you and any other directors or officers were named in a lawsuit in your capacity as an executive team, you would be held responsible for defense expenses and financial damages or any settlements. Without Directors & Officers Liability Insurance, you would put your personal assets at risk.

This insurance doesn't just cover legal defenses, but also covers you against any damage claims.

How Are Our Directors And Officers Exposed To Liability?

Generally, liability comes in two forms for directors and officers – a violation of duties or breach of loyalty.

You could be accused of failing to manage and supervise the activities of the organization, neglecting and wasting the assets (which can include improper investments) and improperly delegating authority. All of these would be considered a violation of duties of care or diligence.

A breach of loyalty could include:

  • Sales or purchases of goods to the commission by you or any other director or officer
  • Taking corporate opportunities
  • Self-dealing
  • Fees and commissions to brokerage firms, banks or any other suppliers of services if you or any director or officer has a relationship with them
  • Other conflicts of interest

Who Could Assert A Claim?

When you give your time to an organization, you probably wonder who would possibly make a claim against the directors, officers and/or trustees. But there are generally 8 categories of claimants:

  • The general public
  • Donors
  • Those that benefit from the organization’s services
  • Members of the organization
  • Other directors and trustees
  • The corporation itself
  • Attorney General in the interest of the public
  • Government agencies asserting tax claims or other violations

How Is This Different Than Other Types Of Liability Insurance?

Directors & Officers Liability Insurance applies to how the executive team performs their duties. Professional Liability or Errors and Omissions Insurance deals with the products and services and whether they perform properly or if there was negligence in preparing the product or delivering the service.

Also, Directors and Officers Liability Insurance doesn't cover physical injury claims – that’s what General Liability covers. This covers what’s called “non-bodily injury claims.” This could include employment-related claims or the mismanagement of funds.

At Henry Equestrian Insurance Brokers Ltd., we understand that you give your time to your organization because you love horses. We want to make sure that we protect you and the other Directors and Officers of your organization. Contact us today to learn more or click on Get a Free Quote for an obligation-free quote.