Directors liability insurance
An indispensable insurance for every organisation that works with directors!
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As a director (often also called 'board member') you just want the best for your organisation. You make sure that everything runs well, you pay people, manage the membership, organise events, or perhaps you are responsible for a loan or the running of a building … but mistakes can happen.
In a non-profit organisation (or ‘vzw’), you’re not normally seen as personally responsible for the obligations of an association as a board member, director. But in some cases, if a director makes a mistake, for instance, compensation for loss or damage can be recovered from him- or herself.
The directors liability insurance protects your board members against indirect personal responsibility.
Associations without a legal form cannot make use of such insurance because they and their directors are not legally recognised. This insurance is only for legally recognised non-profit organisations like vzw’s (verenigingen zonder winstuitkering).