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[Home] Directors & Officers (D&O) liability insurance program specifically for TAM members.Volunteers, employees, and others involved in museums are exposed to
potential lawsuits that can involve their personal assets every day. Tour the World of Liability Insurance Stolen Treasures - Crime Insurance Protecting All your Assets - Fiduciary Liability
My institution would like to apply now. 
3939 Bee Caves Road |
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Home > Membership > DOEO Insurance Program Directors & Officers (D&O) Liability Insurance ProgramTour the World of Liability InsuranceIf someone slips and falls in a museum, that's covered by general liability because the accident involves bodily injury. General liability policies may also cover claims for libel, slander, and property damage where insurable by law. But, if the executive director of a museum sues the board for unfair dismissal, that's a situation that can be covered in a D&O liability insurance policy. Consider the following: A museum secretary sued the members of the museum's governing board, alleging that the museum curator had sexually harassed her, and the trustees were negligent in the selection of the museum curator, as well as in failing to supervise his activities. Executive Risk's D&O insurance program specifically created for the
members of TAM offers coverage for all past, present, and future directors,
officers, trustees, employees, and volunteers for a number of common exposures,
including hiring and firing decisions, employee supervision, and misuse
of funds. Executive Risk's D&O insurance can protect against the financial
damages of a lawsuit, including defense costs, which can be substantial. Stolen Treasures - Crime InsuranceCrime is a reality and so are its losses. Employee dishonesty and other crimes can financially ruin an unprotected organization. Although your museum may be financially stable, there is still a need to protect its assets. Did you know that, according to the Association of Certified Fraud Examiners, 95% of all companies are experiencing -- or have experienced -- theft by employees? Although there may be controls in place to safeguard funds, an employee or volunteer may still be able to steal money or property from a TAM member. Consider the following scenarios and the impact they could have on your museum: A volunteer steals money from a fundraising event. TAM Policy HighlightsD&O Coverage features: D&O Policy PricingRevenues up to $1,000,000 - premium: $800 About $2,000,001 will submit to underwriters Protecting All your Assets - Fiduciary LiabilityA fiduciary is any person who exercises discretionary authority or control with respect to the benefit plans of an organization. As a fiduciary, one can be held personally liable for the losses to a benefit plan. Therefore, a fiduciary must act with skill, care, prudence, and due diligence, and conduct these duties solely in the interest of the plan participants. Imagine the following occurring in your organization: The Department of Labor (DOL) sued an employer and its administrative committee for breach of fiduciary duties resulting from the organization's purchase of group annuity contracts from a now-defunct life insurance company. The DOL alleged that the defendants based their choice of annuity provider on the lowest bid without conducting an adequate investigation of the bidder's financial stability, creditworthiness, or claims-paying ability. The case ultimately settled, with $4.07 million being paid into an escrow for distribution to the participants. The DOL dismissed its claims against the members of the administrative committee, although plan participants may still bring their own suits. Executive Risk offers Fiduciary Liability Insurance to protect fiduciaries and the benefit plans they represent against liability claims. Coverages include, but are not limited to, coverage for sections 502(i) and 502(l) of the Employee Retirement Income Security Act (ERISA), and omnibus welfare benefit plan coverage. Fiduciary Liability InsuranceExecutive Risk's Fiduciary coverage is designed to cover a wide range of fiduciary exposures relating to benefit plans. Fiduciary coverage requests will be reviewed and priced individually. Crime InsuranceExecutive Risk offers Crime Insurance designed to help protect organizations from employee dishonesty and other crime-related losses. Crime coverage requests will be reviewed and priced individually. Program SponsorsThis program is sponsored by: Website ©2003, Texas Association of Museums. Please let us know how we can better serve your needs! admin@texasmuseums.org
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