Checklist for Comparing Features of Nonprofit Directors and Officers Liability Policies from Association Management, Jan 1995 v47 n1 pL53(3), A quick overview of what you need to know about your directors and officers policy, by John E. Black Jr.. 

1. What is a claim? 

a. Is "claim" defined?     Yes No 

b. If defined, does it include 

* judicial proceedings?     Yes No 

* non-monetary relief?     Yes No 

* administrative proceedings?     Yes No 

* written demands for damages?     Yes No 

2. Who is insured? 

a. association?     Yes No 

b. directors and officers?     Yes No 

c. employees?     Yes No 

d. volunteers?     Yes No 

e. committee members?     Yes No 

3. Who pays defense costs and when? 

a. Does insurer have duty to defend?     Yes No 

b. If not, does insurer advance defense costs?     Yes No 

4. What is excluded? 

a. dishonesty/fraud?     Yes No 

b. bodily injury/property damage?     Yes No 

c. pollution?     Yes No 

d. pension liability?     Yes No 

e. personal profit/remuneration?     Yes No 

f. failure to maintain insurance?     Yes No 

g. willful violation of statute?     Yes No 

h. prior notice of claims?     Yes No 

i. contractual liability?     Yes No 

j. claims by insured against insured?     Yes No 

k. other exclusions (indicate)     Yes No 

5. Can the insurer cancel for any reason?     Yes No 

6. Is the policy severable?     Yes No