Legal Question in Business Law in California
Boardmember Risks
A friend owns and operates a water polo and swim team. The business is set up as a non-profit corporation. He's asked me to become a boardmember. How do I obtain legal indemnification against any and all lawsuits, clams, damages, etc.? Thanks.
2 Answers from Attorneys
Re: Boardmember Risks
A indemnification contract and insurance policy indemnifying you against risks should be sufficient to protect most, but not all, of your liability and risks. I would make sure that the Board approves and enters into an indemnification contract with you indemnifying you against all claims and risks. In addition the business should provide you with insurance as a Board Member. The business may already have a Board member insurance policy in place.
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Re: Boardmember Risks
The bylaws of the corporation normally provide for indemnification. However, to protect yourself further, you can insist on a written agreement and verify there is proper insurance coverage.
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