D&O Insurance for 2019-2020

The ACFE has found a new Directors & Officers (D&O) insurance policy with Argo Insurance that will cover the chapters at the same amounts and retentions as the previous policy. The amount for chapters to pay will also remain the same at $250. Chapters will be covered through August 1st, 2020, and the policy will renew on August 1st going forward.

The D&O invoices were recently mailed to all ACFE chapters. To be covered by the ACFE D&O insurance policy, please remit payment with a check or contact Joey Broccolo to make other payment arrangements.

D&O insurance covers claims against the chapter and its officers and directors for any “wrongful act.” A wrongful act is generally defined as “any actual or alleged error, misstatement, misleading statement, act, omission, neglect or breach of duty committed, attempted, or allegedly committed or attempted” by the chapter or its directors, officers or employees in their capacities as directors, officers or employees of the chapter. It does not cover any criminal or deliberate fraudulent acts, or willful violations of statutes or laws. There are also other conditions and exclusions contained in the policy itself.

Please note that this is not a general liability or professional liability policy, so it does not provide coverage for bodily injury, property damage, defamation, invasion of privacy, copyright or trademark infringement. The ACFE does not provide general liability or professional liability coverage for local chapters.

It is very important to remember that if you receive any type of notice of a potential claim, you must immediately contact John Warren, ACFE Vice President and General Counsel, at the ACFE headquarters in Austin. Failure to do so may result in the denial of the claim by the insurance company.

Invoices were mailed to the address for your chapter as listed on your chapter’s page on the List of ACFE Chapters. If no address was listed, the invoice was sent to the chapter president’s primary mailing address.

You may obtain your own coverage if you wish. If you have already procured D&O insurance for your chapter, please notify Joey Broccolo to cancel the invoice.