From Saskatchewan Lawyers’ Insurance Association Inc.
For the past number of years the Law Society of Saskatchewan has obtained an Outside Directorship Liability Insurance policy for its members. The limit of liability is $1,000,000 per loss and $3,000,000 for the policy period. Defence costs are covered and erode policy limits. There is no deductible. The policy is excess of any other applicable Outside Directorship Liability insurance.
Coverage is provided for all paid up members of the Law Society of Saskatchewan who are in good standing. The policy also covers retired members for a 12-month period following retirement with respect to acts rendered before retirement. Two important policy definitions are as follows:
“Outside Directorship” means the position of Director, Officer, Trustee, Governor or equivalent positions duly held by any Insured Person in an Outside Entity for which the Insured Person may receive nominal remuneration, consideration or an honorarium and provided the Insured Person is not also a partner, or salaried employee or salaried Officer, of the Outside Entity.
“Outside Entity” means each corporation, organization, charity, trust or entity, including any Subsidiary thereof but shall not include any corporation, organization, charity, trust or entity, including any Subsidiary thereof, which is publicly traded on any stock exchange in the United States of America.
If you have any questions regarding this policy, please contact Brad Hunter at Saskatchewan Lawyers’ Insurance Association. Email: Brad@slia.ca Phone: 306-569-3091 ext. 1.