Limit of indemnity required
The last 2 annual reports and financial statements of the Organisation
Copy of the Organisation’s rules
Details of the current policy retroactive date (if applicable)
Full claims/circumstances disclosure
Associations Liability insurance covers:
(i) To the extent they do not receive an indemnity from the association, individual officers and trustees against liability for claims arising out of Wrongful Acts in carrying out their duties; and
(ii) The association for loss arising from a Wrongful Act for which it indemnifies an officer or trustee of the association; and
(iii) If Professional Indemnity cover is selected, the association for liability for claims of breach of a professional duty arising out of any Wrongful Act.
The insurance covers liability to the claimant as well as the cost of defending the claim. This is important because defence costs can be significant, and are unlikely to be recoverable in full from the claimant, whether or not the claim is justified.
The policy includes cover for any past, present or future director, secretary, officer, trustee committee member or employee of an association or any other person acting on behalf of the association or at the direction of management. The association is covered for the cost of indemnifying its officer.