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Directors & Officers Liability Insurance

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  • Directors & Officers Liability Insurance

    Reading @PhysicianOnFIRE's blog post about being sued while serving on a hospital board has me thinking we need to get Directors & Officers insurance. Does anyone else have this? Is it expensive? If anyone has any recommendations or specific companies they've had good experiences with, please share.

  • #2
    It should be pretty cheap to get. I think it is well worth it.

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    • #3
      So essentially instead of volunteering to be a director, PoF would have had to pay to be a director through insurance?

      -WSP

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      • #4


        So essentially instead of volunteering to be a director, PoF would have had to pay to be a director through insurance? -WSP
        Click to expand...


        That sure is what it seems like.  :|

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        • #5




          It should be pretty cheap to get. I think it is well worth it.
          Click to expand...


          well worth it for the hospital to pay.



           

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          • #6
            The organization should provide D&O insurance.

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            • #7




              The organization should provide D&O insurance.
              Click to expand...


              I'm not sure if the hospital provides this. If not, is this something we MUST get through them? The PoF post made it seem like we could also get coverage on our own.

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              • #8




                So essentially instead of volunteering to be a director, PoF would have had to pay to be a director through insurance?

                -WSP
                Click to expand...


                This is typically paid by the organization. Small carrot to entice quality directors to join.
                Working to protect good doctors from bad advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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                • #9







                  The organization should provide D&O insurance.
                  Click to expand…


                  I’m not sure if the hospital provides this. If not, is this something we MUST get through them? The PoF post made it seem like we could also get coverage on our own.
                  Click to expand...


                  I didn't mean to imply that; we were provided with coverage by the hospital, but it was obviously terrible coverage. I'll edit the post to make that more clear.

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                  • #10
                    Hospital should really cover your legal costs here too, even if not covered by the policy.

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                    • #11
                      Very timely post, PoF, but it's causing me some anxiety. I was recently asked to and did apply to be on the board for my residency continuity clinic. It's a federally qualified health center and also part of the State U here. It serves a very low resource population. I was going to count this as my volunteer work, but now you've given me (reasonable) pause. If I get the position, I'll have to think long and hard. Any D&O insurance experts on the forum?

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                      • #12
                        I'm on a couple volunteer boards and have D&O insurance provided by them; I wouldn't be on a board without it.  I can't remember the line item, but it is umbrella policy cheap. To be fair, I've never read through the policies....

                        I wonder if PoF's Whisky Tango Foxtrot comes from the fact the hospital itself went bankrupt; there was undoubtedly large money flowing about--somebody was missing their piece of the pie.

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                        • #13
                          Even my PTA has a $1M D&O policy, along with general liability and fidelity bond (embezzlement). The premium is a few hundred dollars per year. It's an ordinary cost of doing business for any legitimate nonprofit, of any size. I think PoF's caution was to make sure that the policy is comprehensive, especially when you're part of a high-stakes operation like running a hospital.

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