Debris Removal Clause
This clause extends insurance coverage to include the cost of debris removal resulting from damage caused by a covered loss up to a specified limit of loss. The clause is an additional property insurance coverage.
Difference In Conditions (DIC) Coverage
DIC insurance provides coverage designed to close specific gaps in standard insurance policies and is usually available only for larger industrial or commercial risks. It allows coverage to be customized to extend to such exposures as water damage, flood, collapse, earthquake, landslide, etc., according to the insured's needs. DIC coverage may be provided by means of a separate insurance policy or it may be added by endorsement to the basic policy.
Directors and Officers (D&O) Liability Coverage for Non Profits
In today's litigious society, the savvy nonprofit entity recognizes the need for D&O liability coverage. These are the facts:
Nonprofit organizations are not immune from costly litigation.
Nonprofit organizations are being sued more often and from more sources, despite laws in most states that limit the liability of nonprofit directors and officers.
Employment related suits for such things as harrassment and wrongful termination are at an all-time high, especially since enactment of the Civil Rights Act of 1991 and the Americans With Disabilities Act of 1992.
Directors and officers are subject to the duties of diligence, obedience, and loyalty and can be sued for negligence in the performance of those duties.
A claim could threaten the personal assets of directors, officers, and trustees.
The financial burden of defending a D&O suit can drain a nonprofit organization's badly needed resources.
Who Sues Nonprofit Organizations?
Almost any day to day decision or action by anyone in the organization can trigger a lawsuit. Of all the lawsuits brought against nonprofit organizations, more than 50% involve employees. Even with the most diligent efforts to prevent employment disputes, the following claims can and are often alleged against nonprofit organizations:
Discrimination due to race, sex, age, national origin, religion, disability, or sexual orientation
Promotions and compensation
Interference with employment contract
Conflicts of interest
Libel, slander, and defamation of character
Failure to supervise employees
Invasion of privacy
Copyright infringement, misrepresentation of ideas, and unauthorized use of logos
Coverage is available that defends against all of those allegations and more, including claims brought by:
Donors who feel that their contributions have not been used to further the expressed aim of the organization.
Board members who disagree with a majority decision on the use of funds.
Beneficiaries who feel they are entitled to more than they received.
State attorney generals who institute legal proceedings against the board for issues such as mismanagement of funds and antitrust violations.
Drive Other Car Coverage
Coverage applicable to employees or executives of a company or any other person who is supplied a company vehicle, but who does not own a personal vehicle, thereby not having personal automobile coverage. An endorsement may be added to the automobile policy of the company that furnishes the automobile, giving protection while the named individual or a member of his family is driving a car borrowed from a third party (other than the vehicle named in the policy). Individuals who are owners of the company qualify for the "individual named insured" endorsement, which includes family coverage. The drive other car coverage is usually added at little additional premium charge.
The amount of money paid to the beneficiary when the insured person dies.
Decreasing Term Insurance
Term life insurance on which the face value slowly decreases in scheduled steps from the date the policy comes into force to the date the policy expires, while the premium remains level. The intervals between decreases are usually monthly or annually.
Payment of twice the basic benefit in the event of loss resulting from specified causes or under specified circumstances.
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