$550/year, need to secure once we have reconciled accounting

• • Got a final quote for $550, includes liquor liability - which is in line w/ what we budgeted

    • or $553 w/ terrorism

$450/year, need to secure once we have reconciled accounting

D&O policies cover the directors and officers of an organization for liability for actions taken as the directors and officers of a company. They are a good idea for both nonprofit and for profit companies of all types. An LLC doesn’t actually have directors or officers, but instead would have managers and members who would be the people covered under the insurance. Since GMM is a nonprofit LLC, it probably has only managers (unless it has members who are themselves nonprofits) and those managers would be covered by the D&O policy for their management activities.

policy# 80085039

company = Gen X

policy# 80085039

company = Gen X

➡️ We will be able to get it as soon as we have reconciled accounting after the fiscal sponsor transition. LION is working to get a good discount and such going, recognizing media liability is so difficult for many news orgs. I attended a webinar, but they did not have the program available in Ohio yet (should be very soon)

$4,000 = quote we got from Rina, INN's preferred insurer

• • From Chad from INN

    • Will cover directors and officers for the content we create and distribute- libel being most important. If sued, will cover us for liability for what is published. Doesn’t cover them for employment/financial/compliance.

    • There is an argument for not buying - what happens if i get sued and what do i want to protect? A small org and personal assets are protected from liability. Get sued, walk away. What’s the downside? If corporation has no assets, maybe we don’t need insurance. If it’s important to protect the corporation, it will defend claims and pay off. Gives up to limit of policy.

    • The policy will give resources, but the policy has a limit. Because we are small, limit will probably be $1M, so you’d have $1M to fight the case (depending on the type of policy)

    • Defense within the/inside/exhausting the limits, defense outside of the limits = types of policies on marketplace/priced differently

      • DIL - $1M for defending or settling claim

        • $ spent defending claim uses up the limits, reduces amount available to settle

      • DOL - insurance co has a duty defend you at whatever cost and because expense is outside limit, your limit stays intact when spending defense money

        • Would have unlimited resource to defend

        • They don’t usually cost a whole lot more

          • Trade off = DIL generally let you select your defense counsel, DOL, insurance chooses the counsel (he says they’re good)

            • Insurance companies make deals with certain law firms and they’d be better than ones we might get a deal with

LION Webinar 9/2/2021 (session recording)

Also, the updated announcement page now includes links to detailed explainers of the coverage and the applications for those eligible today in 13 states. On the call yesterday, the consultant we are using assured us that they are working to add the rest of the states by the end of September. We'll keep this page updated with FAQs (including one based on the information session yesterday), etc. as we move along.

Media Liability Insurance for LION Publishers Members

• don't know cost yet, will vary for orgs - premiums will be less than what you can get independently.

• How to apply

  • now have info for applying

• Choices

  • Deductible $5,000 or $10,000

  • Defense inside vs. outside limit of liability

    • if inside, lawyers fees will be subtracted from policy limit

• Application

  • include tons of details and workflows