Originally Posted by Seven_Sicks_Two
”But in the end all of these ideas just manufacture new criminals when the problem isn't a lack of criminals.” -JRB
The loss of D & O insurance is a MAJOR problem. Any board member with any degree of financial sense or general awareness needs to head for the door immediately. It is now a personal protection issue for those people.
I say this as somebody who initiated a shareholder derivative action many years ago, which the St. Paul companies as supplier of the corporation's D&O coverage had to defend.
Nobody should ever sit on a board of an entity like this, even a much smaller one than the NRA, with the loss of that insurance.
That fact alone, they lost their D&O coverage and the ability to obtain it, speaks volumes about the future of the NRA under the current leadership.
Could you explain what D&O coverage is? I'm assuming some sort of umbrella policy against civil claims?
Sorta around sometimes for some of your shitty mod needs.
I assume he means this? https://en.wikipedia.org/wiki/Direct...lity_insurance
Protection for the bigshots. Sounds like they'd have to foot their own legal bills if Bloomberg and co decide to start suing the individual board members for anything and everything.
When I had administrative responsibilities, I bought individual liability insurance. I had asked if we were sued for some personnel action would the institution protect me. I was told that they would if I followed the rules. I got it and bought the policy. I would be sold down the river if they needed to.
I was asked to be an officer in a local IDPA/IPSC club but thought about the risk - no thanks. Also arguing with the member buttholes, no thanks.
yes, essentially that, a corporate entity buys "Directors and Officers" insurance from a handful of companies who sell such policies to provide individual liability coverage for their board members and officers who are going to be the target of any stakeholder/shareholder lawsuit, I know when I was sitting on a couple of boards it was the first question I asked, and a typical coverage amount would be $10M and up depending on the size of the companies.
If a shareholder, member of the corporation, etc. somebody with standing sued the board of directors (happens frequently) for any reason that policy kicks in and insures the directors individually and personally are not paying the legal fees to defend and the damages or settlement, just like a regular liability policy.
I think the St. Paul Companies are one of the biggest underwriters as both times I was on a corporate board that was the insurer and the time I filed the shareholder derivative suit that was who defended the board members of that entity.
The fact that nobody is apparently willing to continue or underwrite such a policy for NRA board members is quite ominous in my view.
If I were a board member of such an entity and learned the coverage was gone I would follow Mr. Mills, except you could not measure the splits for how fast I would be gone.
Last edited by fatdog; 08-07-2021 at 09:27 AM.
The loss of D & O insurance was discussed some time ago in this thread. If board members are only finding out now, or are perhaps still unaware, that reveals much about the deficiencies in governance.
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You gotta have GOVERNANCE in place before you can have a deficiency! 😎
It appears to be the Wayne show…..
This is deeply disturbing.
Fat dog has this exactly correct.
Shumba
Now the Daily Beast is not a gun friendly outlet. It was in my news feed so FYI:
https://www.thedailybeast.com/the-nr...s-has-imploded
I could see why the the political baggage of the NRA would be a detriment to adopted or continuing the program in many locales. Very practical issue for safety training.
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