Not-For-Profits
RESOLUTE PORTFOLIOsm for Not-for-Profit Organizations is a flexible and comprehensive policy that is available to all not-for-profit organizations. Insureds select the coverage section(s) and the limits of liability that most effectively address their particular risk profile. Options include single or multiple coverage sections and separate or combined limits of liability. Portfolio of coverage includes Directors & Officers Liability, Employment Practices Liability, Outside Directorship Liability, Fiduciary Liability, Crime & Fidelity Coverage, and Errors and Omissions Coverage.
General Highlights
- $15,000,000 limit available for each coverage section
- Insurer has duty to defend, with minimal restriction of settlement opportunity
- Severability of application and conduct exclusions for insured persons
- Express domestic partner and lawful spouse coverage
- Policy is fully non-cancellable by Insurer, except for nonpayment of premium
- Bilateral discovery period of up to six years available
- Automatic runoff for organizational changes
- Thirty-day post-policy reporting
- No Alternate Dispute Resolution Process requirement
D & O / EPL Coverage Highlights
- Full Entity coverage, including Debtor in Possession coverage
- Broad Definition of Claim including civil, criminal, governmental, regulatory, administrative and arbitration proceedings
- Non-rescindable Side A coverage
- Order of Payments provision
- Punitive Damage Coverage, most favorable venue language
- Automatic coverage for new subsidiaries, subject to asset threshold
- Covers the organization, executives and employees
- Definition of employees includes full-time, part-time, seasonal, temporary, and leased employees as well as volunteers and independent contractors
- Express whistleblower coverage included
- Third-Party EPL Coverage for claims brought by students, patients, customers, members, suppliers and clients
- Excess Benefits Coverage
- Defense Costs Coverage for IRS taxes or penalties
- Broad definition of insured person including director, officer, trustee, trustee emeritus, executive director, department head, management committee member, member of board of managers, staff, faculty member (salaried or non-salaried) and employees
- Personal injury or publisher’s wrongful act coverage
Fiduciary Coverage Highlights
- Broad definition of plan
- Broad definition of claim
- HIPAA coverage included; $0 Retention
- Voluntary Compliance Programs coverage available; $0 Retention
- Non-rescindable coverage for Non-Indemnifiable Loss
- Coverage for civil penalties under 502(i) and 502(l) of ERISA and civil fines and penalties imposed by U.K.
- ESOP coverage available by endorsement
- Order of Payments provision
- Automatic coverage for new and acquired plans, subject to asset threshold
- Automatic coverage for merged, sold, spun off or terminated plans
- Punitive Damage Coverage, most favorable venue language
Crime & Fidelity Coverage Highlights
- Broad definition of
- Insured
- Employee Benefit Plan
- Employee — Includes:
- Terminated employees covered for the first consecutive forty-five (45) days after separation
- Non-compensated directors, trustees and committee members
- Non-employee administrators who are providing services to insured-sponsored ERISA plans
- Part-time, temporary, leased individuals
- Guest students/interns
- Automatic coverage for newly acquired entities, subject to revenue threshold
- In the Event of Loss:
- Discovery triggered when Risk Management, General Counsel, Human Resources and/or any corporate Vice President or above has reasonable knowledge or belief
- Loss reporting threshold is equal to or greater than one-fourth (¼) of the applicable deductible amount
- Worldwide territory, where permissible by law
- Optional coverage features include Credit, Debit, Charge Card Forgery, Clients Property Coverage, and Investigative Expense Incurred to Establish Amount of Covered Loss
Disclaimer: This coverage is also offered as a Surplus/Excess line.
You must meet certain guidelines to see information about surplus lines. Contact Us to see if you meet these guidelines.