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D&O for clubs, associations and foundations
D&O insurance to protect officials
D&O insurance for clubs, associations and foundations is a tailored policy especially developed for the risks and dangers faced by the organisation’s officials.
Like company managers, honorary board members and supervisory boards of clubs, associations, foundations or non-profit GmbHs can also be held accountable for the financial consequences of incorrect decisions. It is designed to protect you from personal liability in the event of damage from decisions you make.
Our D&O insurance for clubs, associations and foundations protects appointed and de facto members of the executive bodies and management and supervisory boards, as well as their deputies. Special representatives also enjoy insurance protection in accordance with §§ 30, 86 BGB - for example, general representatives, authorised signatories and executives.
Similar strict liability rules apply to them as to corporations – this means that they are also generally liable without limitation with their private assets.
In the event of financial losses, neither the normal liability insurance applies nor can liability be completely excluded by the statutes - regardless of whether it is a sports club, a homeowners association or a church council.
The insured persons include all board members, such as the chair, treasurers or treasurers and cash auditors. In addition, the insurance cover also extends to supervisory, administrative and advisory boards of associations, foundations and non-profit limited liability companies and their deputies as well as special representatives.
The policy offers a simple conclusion, low premiums and extensive coverage with minimal exclusions.
Personal liability in voluntary work cannot be ignored
As an honorary functionary in a non-profit association, you even take on personal liability risks that are similar to those of a board member of a public limited company. In plain language: you are fully liable with your private assets for breaches of duty in your function as an official. Even an activity without or with only a small remuneration does not release you from liability.
Whether it is the failure to apply for public funds, the wrong use of earmarked donations or the conclusion of a long-term lease on unfavourable terms, as an official in a non-profit association or an association or supervisory body of a foundation, individual directors and officers can be held personally liable.
What does D&O insurance cover?
Directors’ and officers’ (D&O) liability insurance gives financial protection in the event you are sued personally for actions taken in line with your usual duties. D&O protects you against claims made against you within the scope of your everyday business. It is there to cover you for legal costs as well as any damages.
D&O insurance is there to pay for costs relating to mounting a defence, and any damages or settlements relating to the matter. Any allegation made by a third party against a director or officer, no matter how frivolous, needs to be vigorously defended, otherwise there is a risk of judgement being entered in default of a defence.
Our D&O insurance for clubs, associations and foundations protects volunteers from personal liability in the event of damage. The policy offers a simple conclusion, low premiums and extensive coverage with minimal exclusions.