Comprehensive General Liability and Directors and Officers

Thank you for your request to be added to IBBA's D&O policy. To be qualified you will need to provide the following items:

1. A copy of your Tax Return proving that you are IRS status 501 ©(6)
2. Proof of official IBBA Affiliate status (Articles of Affiliation Agreement)
3. Copy of current by-laws
4. List of current officers and directors with their addresses
5. Copy of your past year's financial statement and projected budget for current year
6. List any KNOWN lawsuits in the last 5 years. If so, give details.
7. Official name for the endorsement as the additional insured, ie., IBBA - International Business Brokers Association, Inc.

Upon addition to the IBBA's policy you will receive an endorsement indicating that your association has been added as an additional insured.

Association Insurance Coverage

Directors and Officers liability

Non-Profit Organization Liability Insurance for full service associations is provided with a minimum limit of $1,000,000 and a retention as requested by the client. Some associations carry higher limits of liability. The policy covers the following:

1. Insured persons - The Entity (nonprofit association or corporation), any individual who was, now is, or shall be a director, officer, trustee, employee, volunteer, staff member, or any person acting as an agent with respect to the scope of such agent's authorized activities for the Entity and shall include any executive, board member or committee member whether salaries or not.
2. Wrongful acts - Any actual or alleged negligent act, error or omission, misstatement, misleading statement, or breach of duty by the insured while performing the Association's business.
3. 100% indemnification - Up to the limit of liability, which pays 100% of court judgments and out of court settlements for covered lawsuits, subject to the retention.
4. Defense costs - Pays all legal costs incurred in the course of defending a covered lawsuit, in addition to the limit of liability.
5. Monetary and non-monetary claims are insured - The latter is typically any judicial or administrative proceeding in which the insured is subjected to a binding adjudication for damages or other relief.
6. Publisher's liability - Claims arising out of defamation, including but not limited to libel or slander, or a publication or utterance in the course of or related, to advertising, broadcasting, or telecasting activities conducted by or on behalf of the Entity. Covered persons are those outlined in item A of this section.
7. Personal injury - Libel, slander, defamation of character, etc.
8. Employment practice liability - Breach of actual or implied contract of employment; violation of anti-discrimination statutes, including harassment; libel or slander related to any employment relationship with the "entity;" retaliation for the exercise of a public right or duty; intentional or negligent infliction of emotional distress "arising out of" any employment relationship with the "entity;" or wrongful failure to hire or promote, wrongful demotion, or wrongful termination.
9. Claim - A formal or informal, written or oral, demand for monetary or non-monetary damages.
10. Loss - Any amount that the insured is legally obligated to pay; but does not include fines or penalties imposed by law and/or any of the following: Criminal or civil fines or penalties; taxes; or any matters deemed uninsurable under law.
11. Punitive damages - Where insurable under law.
12. * Provisions are subject to change by the underwriters and the master policy provisions.Major exclusions - claims based upon, alleging or arising out of:
    1. Gaining of any personal profit or advantage to which the insured is not legally entitled.
    2. Committing, in fact, any deliberate or intentional fraudulent or dishonest acts.
    3. Bodily Injury, sickness, disease or death.
    4. Criminal abstraction, damage to or destruction of tangible property.
    5. Fiduciary capacity as respects employee benefits plan, including ERISA.
    6. Violation of statute or ordinance with knowledge or consent of insured.
    7. Pollution, nuclear, asbestos
    8. Tortious or negligent breach of contract, except written or implied contract relating to person's employment by insured. A $100,000 defense sublimit is provided for non-employment situations.
13. Coverage territory - Worldwide
14. 12-month discovery period - Provides a (12) calendar month extension, following the cancellation or non-renewal of the Association's coverage, for reporting only those claims occurring prior to the cancellation/expiration date of the policy, at an additional cost to the Association. Written notice of their intention must be given by the association within (60) days of the cancellation or non-renewal. This discovery period does not increase the limit of liability.

Miscellaneous coverage

1. Commercial General Liability - 3rd party liability claims arising out of negligent acts, resulting in injury or damage, committed at meetings, trade shows, and conventions run by Smith, Bucklin on behalf of a managed or controlled Association. Protection is provided to Smith, Bucklin, the associations, and volunteers.
   1. Bodily Injury (accidental injury, sickness or disease) or
   2. Property Damage (to tangible property of others) combined: $1,000,000 per occurrence
   3. Personal Injury (false arrest, libel, slander): $1,000,000 each offense
   4. Fire Legal Liability (damage to leased or rented premises due to your negligence): $1,000,000 any one fire
   5. Premises Medical Expense (resulting from injury caused by an occurrence): $10,000 per person
   6. Annual Aggregate (maximum payable during the policy period): $2,000,000
   7. Blanket Contractual Liability (i.e. lease agreements)
   8. Host Liquor Liability (liability caused by a person served alcohol beverages)
   9. Employees and volunteers as Insureds (for liability claims arising from your duties in the association)
   10. Incidental Malpractice (Good Samaritan coverage for non-medical professionals)
2. Hired and non-owned automobile liability:      $1,000,000 each accident
3. Workers compensation:      Statutory Benefits
4. Employee dishonesty:      $4,000,000 each loss
5. Umbrella (excess) liability over all general liability,
   1. Auto liability and employers liability coverages:      $50,000,000