Insurance
The following insurance has been obtained through the Wortham Agency in Houston:
- Director & Officer and Employment Practices liability – $5,000,000. This insurance defends the directors and officers against allegations of Wrongful Acts as defined in the policy. IT also defends the directors, officers, employees and the entity itself against employment liability claims by present or past employees.
- General Liability – $1,000,000. This covers the directors, officers, employees, volunteers and the entity against claims for bodily injury or property damage but it does not cover automobile related body injury or property damage.
- Automobile Liability – $1,000,000. While we no longer own an automobile, this coverage applies to the Foundation’s vicarious liability for non-owned automobiles or rented automobiles.
- Umbrella – $5,000,000. This coverage is in excess of the General Liability and Automobile Liability coverages described above.
- Commercial Crime – $100,000. This covers dishonest acts (theft of Foundation assets) by employees. The coverage extends to the University of Texas Employees.
As noted by our insurance agent, Directors and officers are covered by the Commercial General Liability, Business Automobile and Excess Liability policies for bodily injury and property damage claims. Directors and officers are covered by Directors & Officers Liabiity policies, but for different exposures. Also, excess liability policies do not cover excess of Directors & Officers LIablity policies.