Posts tagged directors and officers

Why do I need more than one type of insurance?

Smart land trusts typically purchase multiple types of insurance coverage and will consider how the various insurance coverages fit together when selecting the right coverage package. Terrafirma fills in many of the gaps in coverage for these other insurance products.

General liability insurance is required in order to be eligible for Terrafirma coverage. It covers claims alleging bodily injury or property damage.
Directors and officers (D&O) insurance covers claims alleging wrongful management decisions by the land trust board, volunteers and staff. Unpaid directors of land trusts may have some coverage available under their individual homeowners or personal liability umbrella policies but these do not offer any defense for the land trust where the board member volunteers.
Title insurance can compensate the land trust if the actual title to (ownership of) the conservation easement or land they own is challenged or if there is a dispute about the legal description of the property, provided that it is not excluded by the survey exception.

For more on different types of insurance, head to the Learning Center for Guide to Risk Management for Land Trusts, starting on page 275, as well as Practical Pointers: Assessing Insurance Needs for Land Trusts. And for those attending Rally in Denver this October, check out the workshop B02: Do You Have the Right Insurance? At the Right Price? Details here.

Have questions? Please let us know. You can email us directly or call 202-800-2219 for Lorri, 202-800-2248 for myself or 802-262-6051 for Leslie.

Thanks,
Hannah

Conservation Defense Associate
(202) 800-2248 |
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P.S. Please remember that your Terrafirma policy requires you to file a claim at the first indication of a problem. Do it now so you don’t run the risk of missing out on coverage! See more here on when to file a claim. Please call us with any questions.

When the Board Walks the Plank

Board members and staff don’t always agree — especially in the nonprofit world where passion and idealism can turn ordinary meetings into potential conflict.

To help navigate choppy waters, the Land Trust Alliance is offering a complimentary webinar today at 3 p.m. Eastern on Directors and Officers insurance, as well as many other types of insurance, to help you plan for conflict and missteps that can lead to a full-fledged lawsuit. To sign up, please send us an email.

Have questions? Please let us know. You can email us directly or call 202-800-2219 for Lorri, 202-800-2248 for myself or 802-262-6051 for Leslie.

P.S. Terrafirma’s Annual Meeting took place in Burlington, Vermont on May 4th and was productive and successful! Pictured below: the hardworking volunteer committee members who devote their time and skill to making Terrafirma work for all 493 of its member land trusts.

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Posts tagged directors and officers

Why do I need more than one type of insurance?

When the Board Walks the Plank

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