Authentic, Sincere Narration
Description
Vocal Characteristics
Language
EnglishVoice Age
Middle Aged (35-54)Accents
North American (General) North American (US General American - GenAM) North American (US West Coast - California, Portland)Transcript
Note: Transcripts are generated using speech recognition software and may contain errors.
You serve as a director or board member of a nonprofit organization because you care about the mission, the people, the community, but care cannot protect you if your nonprofit is sued, it's not just the organization that's at risk because in the directors and officers liability claim, even your personal assets may be in jeopardy. Depending on state law, your money, your house, your boat, everything you've worked for could be threatened. Many directors and officers believe that they are protected by charitable immunity laws. What they may not realize is while these laws may protect them from an adverse judgment, they are not protected from incurring substantial defense expenses on their own. If they are sued personally hiring an attorney yourself, if you can find the right counsel to take your case can cost anywhere from 200 to $1000 an hour and lawsuits happen a lot. Almost two thirds of nonprofits reported a D. N. O. Claim within the past 10 years. That's double the rate of claims against public and private company directors and officers and these can come from vendors, donors, competitors, employees and even government regulators Consider this a charitable institutions board had to defend itself against a lawsuit brought on by state regulators regarding its alleged mismanagement of donated funds. The board was able to successfully defend the claim, but not until having spent over $500,000 in defense expenses and agreeing to change its management practices. As a part of the negotiated settlement. In another case, a trade school and its directors were sued by a developer over alleged infringement of intellectual property rights. The case was eventually resolved, but defense costs reached nearly $700,000. Your organization needs protection in place so that you can confidently carry out your nonprofit's mission and attract high quality board members with risks like these. You need an insurance company who can help protect and prepare you for anything. That's why nonprofit directors and officers liability coverage isn't A maybe. But a must have talked to your independent agent to make sure you have the right coverage in place to help protect your business.