Directors' and Officers' Liability Insurance provides coverage for a special area of risk that is not included in commercial general liability insurance policies. This is a risk specifically related to the actions of persons in the roles of Directors and Officers of an organization, and not the corporate liability of the organization. The limit of coverage is $5,000,000. There is no deductible amount. The coverage applies to both damages (amounts we would be legally obligated to pay as a result of a judgment or settlement) and defense costs, but does not apply to fines, penalties, or punitive damages. Coverage is in effect on a worldwide basis 365 days a year.
The CFSA provides all registered clubs with Directors’ and Officers’ Liability Insurance. This insurance protects the Club’s directors and officers against risks associated with the performance of their duties, such as financial malfeasance, or allegations of
harassment or wrongful dismissal. If a Club already has D&O liability insurance from another source, the CFSA Club registration fee may be waived, as long as proof is provided to the CFSA. The ‘Non-Profit Organization Directors’ and Officers’ Liability and Administrative Errors and Omissions Insurance for Clubs of the Canadian Snowsports Association’ policy covers the following points:
- Any individual who was, now is, or shall be a director, officer, trustee, employee, volunteer or member of the club
- The policy period is one year (November 1-October 31)
- Limit of liability is $2,000,000 per occurrence, $10,000,000 annual aggregate.
For Provincial Associations
Directors’ and Officers’ liability insurance is not automatically provided to CFSA Provincial organization, but it is available for a fee per division per year. Contact the CFSA for further information. Provincial Sport Organization policy period is one year (November 1-October 31).