Professional Documents
Culture Documents
What is D&O?
Board Errors & Omissions Employment Practices (EPL) Operating Outside of Bylaws Wrongful Termination Misuse of Funds Discrimination
Claim examples
No law against a suit No coverage for paid staff (CEO, CFO, Etc.) No coverage for Gross Misconduct
Parties involved
Chubb & Son, A division of Federal Insurance Co. (Chubb)- Insurer Marshall & Sterling Leeds OfficeBroker of Record Council Services Plus- Group Program Manager NYCON- Sponsoring Association
Coverage Features
Per occurrence (and aggregate) limits of $1MM or $2MM. Retention varies based upon employee count (most have $1K-$5K) 10% Reduction in EPL Retention for claims reported within 15 days.
Duty to Defend Defense cost outside the limit of liability (DOL) Multi-year policy option $50 NYCON Risk Management Credit Fiduciary Coverage available (optional)
Rates
For agencies with 0-50 employees $1MM is $850/yr, $2MM is $1415/yr. For agencies with 51-150 employees $1MM is $900/yr, $2MM is $1450/yr. For agencies with 151-500 employees $1MM is $945/yr, $2MM is $1605/yr.
Underwriting Guidelines
Be a member of NYCON Be incorporated and have IRS 501(c) tax status Be operational for at least 12 months Have a Positive FB and OI Less than $5MM in total revenue
No D&O or EPL claims/litigation within the last 5 years Be an approved class of business
Some non-eligible classes are- Medical Clinics, Charter Schools, Country Clubs, Water District (other than farm irrigation), Mediation, Legal, Housing Coops, Foster Care
How to apply
Interested members need to complete a 2 page Program Application and submit to CS Plus with;
Most recent IRS 990 or Audited Financials Copy of Bylaws Copy of Board List
When to apply
Interested members without current coverage can apply anytime Members with coverage through another carrier must apply within 90 days of their renewal date Members with Chubb, but through another Broker, must submit a Broker of Record Letter at least 90 days before renewal
Your plan must be in operation for 3 years No claims No non-publicly traded assets No more that $500K in assets Rates are $180 for $100K limit $300 for $250K Limit & $480 for $500K limit ($0 Retention for all)