[Board] Update on Directors & Officers Liability Insurance renewal

[Jeroen Ticheler]

Thanks Frank! And where do you think we should draw the line between who is and who is not covered under the insurance?
Ciao, Jeroen

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Op 17 mei 2012 om 09:35 heeft Frank Warmerdam <warmerdam at pobox.com> het volgende geschreven:

> On Thu, May 17, 2012 at 12:27 AM, Jeroen Ticheler
> <jeroen.ticheler at geocat.net> wrote:
>> I agree, having such insurance for an employee like Tyler was makes sense but I also doubt the value of such insurance when it comes to volunteers from all over the world (including directors and officers).
> 
> Folks,
> 
> I feel I ought to provide a bit of background.  As directors of a corporation
> we are personally liable under US law for some things that the corporation
> does.  I'm not clear on the details but it is real.  In the past there have
> been some directors who were quite uncomfortable with this liability
> exposure - to the point where it presumably played a role in them
> ceasing to be a director.
> 
> It is very common for corporations (including the non-profit condominium
> corporation I was once a director on) to provide D&O insurance to protect
> directors and officers from personal liability.
> 
> It is *not* primarily about protecting employees though it may play a role
> there too - particularly for employees that are officers.
> 
> I'm personally happy to live without it if it will be a substantial cost, but
> understand it will discourage some people from taking on the role
> of director.
> 
> Best regards,
> -- 
> ---------------------------------------+--------------------------------------
> I set the clouds in motion - turn up   | Frank Warmerdam, warmerdam at pobox.com
> light and sound - activate the windows | http://pobox.com/~warmerdam
> and watch the world go round - Rush    | Geospatial Software Developer