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Will Director and Officer Insurance Policies help the basic nonprofit organization when it has failed to do the following:
Nonprofit and Church Legal Trends - Free Edition - May June 2008 (free edition)
- remit taxes to the state and IRS;
- remit collected medical insurance premiums to the carrier in a timely manner which has caused insurance to lapse on numerous occasions;
- mismanaged a government grant; and
- signed a long term year lease but then went bankrupt and defaulted
If the D & O policy is not in place, the organization may have an almost impossible time obtaining insurance, even at a high premium, to cover these known problems. In general, the answers are NO, NO, YES and Not Applicable.
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