Tools Conference Toronto November 26, 2014 Insurance for NFP s. Presented by Paul Spark HUB International HKMB Limited

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1 Tools Conference Toronto November 26, 2014 Insurance for NFP s Presented by Paul Spark HUB International HKMB Limited

2 Topics Insurance Policies Basics Directors and Officers Liability Insurance Commercial General Liability Insurance Privacy and Cyber Liability Insurance Other Coverages Tips on Saving Money on Insurance Questions 2 Tools Conference- Paul Spark HUB HKMB

3 Insurance Polices - The Basics Insurance Policies are made up of the different types of coverages that a NFP Organization requires based on their scope of operations and risk profile. Some Polices are Packaged together so ALL coverages are on one Policy. This is not always the best structure. 3 Tools Conference- Paul Spark HUB HKMB

4 Policies (Cont.) Priority of Coverages for most NFP s: 1) Directors and Officers Liability Insurance 2) Commercial General Liability Insurance 3) Cyber/Privacy Liability 4) Other Liability Insurance- Errors and Omissions 5) Abuse (Physical and Sexual), Medical Malpractice Liability 6) Non-Owned Automobile 7) Event Liability and Event Cancelation Insurance 4 Tools Conference- Paul Spark HUB HKMB

5 Directors and Officers Liability (D and O) Directors and officers have a duty to exercise due diligence in overseeing the activities of the organization that they serve. They are required to act in good faith and in the best interest of the organization. Directors have three basic duties: 1. Duty of Diligence (Duty of Care): Act reasonably, in good faith, in the organization s best interest. 2. Duty of Loyalty: Place the interest of the organization before your own. 3. Duty of Obedience: Act within the scope of the organization, within applicable rules and laws. 5 Tools Conference- Paul Spark HUB HKMB

6 Why Coverage is Required Being a Board Member can expose individuals to unique risks. Directors and Officers can be subject to allegations of breach of common law duties, breach of duties owed to their stakeholders or members and statutory liabilities imposed by federal or provincial laws. Many NFP organizations have limited resources to indemnify directors and officers or respond to potential litigation, settlements or damage awards, putting the personal assets of directors and officers at risk, as well as the assets of the entity. 6 Tools Conference- Paul Spark HUB HKMB

7 Considerations It is also important to note that: Directors can be held personally liable. Ignorance is not a defense. Resignation is not necessarily a defense. Board indemnity may not be enough. Directors may be liable for nonperformance. 7 Tools Conference- Paul Spark HUB HKMB

8 D and O Exposures Wrongful dismissal and wrongful discipline Discrimination Sexual harassment Misrepresentation Failure to employ or promote Failure to grant tenure Negligent evaluation Financial mismanagement Libel and slander 8 Tools Conference- Paul Spark HUB HKMB

9 D and O Exposures (Cont.) Copyright and/or patent infringement Failure to remit/pay taxes Failure to comply with the rules of the association/organization Defence costs Insolvency Training of Volunteers Defamation 9 Tools Conference- Paul Spark HUB HKMB

10 Coverage Provided Any actual or alleged negligent act, error, omission, misstatement, misleading statement, neglect or breach of duty arising from the discharge of the duties and responsibilities of the directors, officers, members and volunteers and of the entity itself. Legal and defence costs Damages Settlements and judgments Regulatory and criminal defence * Info/Sales Sheet* 10 Tools Conference- Paul Spark HUB HKMB

11 Desired D and O Coverages World Wide Coverage Claims Made Wrongful Employment Practices Professional Liability Statutory Liabilities Insured Person vs Definition of Claim Definition of Insured Defence Costs 11 Tools Conference- Paul Spark HUB HKMB

12 Desired Coverages (Cont.) Non-rescindable Side A Claims made Duty to Defend 12 Tools Conference- Paul Spark HUB HKMB

13 Key Definitions Policy Side A: * Policy Wordings* - Coverage for both defence and expenses and payments of settlements that arise from claims brought against directors and officers, when those costs cannot be indemnified by the organization. - Protects individual directors and officers having to use their own resources to pay costs of any claims that the organization cannot indemnify. 13 Tools Conference- Paul Spark HUB HKMB

14 Definitions (Cont.) Policy Side B: - Reimburses the organization for the costs of paying claims against individual directors and officers when the organization is permitted, or required, to indemnify them. - As majority of claims against directors and officers are eligible for indemnification, Side B is typically the primary coverage under which payments are made under a D and O insurance policy. 14 Tools Conference- Paul Spark HUB HKMB

15 Commercial General Liability (CGL) - Coverages Liability Limit (< $10m) Bodily Injury Property Damage Non-Owned Automobile Cross Liability Medical Payments Contractual Employers Liability Personal Injury (Libel and Slander) Tenants Legal Liability 15 Tools Conference- Paul Spark HUB HKMB

16 Coverages (Cont.) Employee Benefits Physical and Sexual Abuse Medical Malpractice Umbrella Liability * Policy Highlights* 16 Tools Conference- Paul Spark HUB HKMB

17 Property Coverage Buildings Earthquake Flood Water Damage Consequential Loss Bylaws Sewer Back-up Boiler and Machinery Crime **Accident Insurance- Example** 17 Tools Conference- Paul Spark HUB HKMB

18 Cyber/Privacy Liability: Determine Coverage Required A good starting point is to determine what costs or expenses you would like to have covered and what types of incidents you want cover for. Circulate and discuss this list with all the relevant people, not forgetting to get all the information you need from third-party suppliers and partners. List both your own costs (known as first-party costs) and the costs that others may attempt to claim from you as a result of the incident (known as third-party costs). Material/Educational-Material-Summary/?id= Tools Conference- Paul Spark HUB HKMB

19 Information Security and Privacy Liability Coverage for theft, loss or unauthorized disclosure of personally identifiable non-public information or third party corporate information that is in the care, custody or control of the insured organization, or an independent contractor that is holding, processing or transferring such information on behalf of the insured. Coverage for failure to comply with breach notice laws. 19 Tools Conference- Paul Spark HUB HKMB

20 InfoSec and Privacy Liability (Cont.) Coverage for failure to comply with the insured s privacy policies as well as failure to administer an identity theft prevention program required by governmental organization. Coverage for unauthorized access, theft or destruction of data, denial of service attacks and virus transmission involving the insured s computer system resulting from computer security breaches. 20 Tools Conference- Paul Spark HUB HKMB

21 Privacy Notification Costs Coverage for the costs to provide notification, including fees charged by legal counsel to determine the applicability of, and actions necessary to comply with, breach notice laws. Coverage for voluntary notification Includes the cost of a credit file monitoring program. Coverage for the costs to hire a computer security expert to determine the existence and cause of a security breach. 21 Tools Conference- Paul Spark HUB HKMB

22 Regulatory Defence & Penalties Coverage for the costs to defend a regulatory proceeding resulting from violations of privacy laws caused by the otherwise covered theft, loss, or unauthorized disclosure of personally identifiable nonpublic or third party corporate information. 22 Tools Conference- Paul Spark HUB HKMB

23 Website Media Liability Covers display of electronic content on the insured s website; and Extends to many internet-related exposures including advertising injuries that are not covered under many of today s general liability policies including copyright infringement, piracy, libel and slander. 23 Tools Conference- Paul Spark HUB HKMB

24 Cyber Extortion Coverage for costs incurred as a result of a threat to breach the insured s network through a denial of service attack, virus transmission, hacking, or other means. 24 Tools Conference- Paul Spark HUB HKMB

25 First Party Coverage Loss due to corruption, alteration or deletion of the insured s data caused by a network breach. Business Interruption caused by a network breach. Crisis Management expenses as a result of a network breach 25 Tools Conference- Paul Spark HUB HKMB

26 Buying Tips for Cyber Insurance Getting the right broker is important. A good specialist broker will save you time in determining what is right for your business, remembering that this may not be the broker you are currently using for your non-cyber risks. Share your list of estimated expenses and costs with your broker and talk through the different exclusions that might stop you from making a claim. 26 Tools Conference- Paul Spark HUB HKMB

27 Errors and Omissions Coverage (E and O) Errors and omissions insurance covers you and your company for situations that aren t covered by your general liability policy. Your general liability policy covers you for bodily injury or property damage that you cause (or are alleged to have caused), but not pure financial loss. In addition, general liability policies often exclude claims arising out of your professional services 27 Tools Conference- Paul Spark HUB HKMB

28 E and O (Cont.) An E&O policy fills these gaps and protects you against claims for financial loss, or bodily injury/property damage claims in the event these are a result of your professional services for particular industries. 28 Tools Conference- Paul Spark HUB HKMB

29 Medical Malpractice Insurance Medical malpractice is a rapidly changing class of business, as alternative healthcare and holistic medicine continue to increase in both popularity and demand to complement traditional practices. Holistic medical providers, rehabilitation professionals, chiropodists, emergency medical technicians/paramedics or nurses, these individuals require coverage for claims made against them regarding their professional services and also require coverage for non-professional employees working under their direction 29 Tools Conference- Paul Spark HUB HKMB

30 Event Liability (CGL) Booths Kiosks Food Concession Stands Receptions, Weddings Fairs, Festivals & Parades Golf Tournaments Ethnic Celebrations 30 Tools Conference- Paul Spark HUB HKMB

31 Event Liability (Cont.) Religious Assemblies Pageants Job Fairs Concerts Charity auctions Awards Presentations Stage Shows and Theatrical Performances Conferences 31 Tools Conference- Paul Spark HUB HKMB

32 Insurance Money Saving Tips Solicit competitive bids every year (Markets change) Allow sufficient time for a risk assessment by the insurer Locate an insurance advisor with expertise with not-for-profits Be extremely careful when filling out the application form (possibility of misstatements) Fully disclose the organizations prior losses and provide details on ways in which the organization can avoid future losses Negotiate for coverage and pricing (Group Plans) Make sure that you report any prior incidences that might potentially give rise to a claim Ask each insurer to provide information on the insurance carriers' "financial strength 32 Tools Conference- Paul Spark HUB HKMB

33 Discussion Questions Comments 33 Tools Conference- Paul Spark HUB HKMB

34 Contact Information Paul Spark Commercial Account Executive HUB International HKMB Limited 595 Bay Street, Suite 900 Toronto, Ontario, M5G 2E3 Cell #: (416) Phone: (416) x 247 Toll Free: x Tools Conference- Paul Spark HUB HKMB

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