www.carters.ca
www.charitylaw.ca
J.INSURANCE
•Both the CNCA
and ONCA permit a NFP corporation to purchase
and maintain personal liability insurance for the benefit of a present or former director or officer of the corporation, or another individual who acts or acted at the corporation’s request as a director or officer or in a similar capacity of another entity
•Under the ONCA,
however, director and officer insurance
may not be purchased unless the corporation
complies with the Charities Accounting Act or a regulation made under that Act that permits the purchase of such insurance, or a court order is obtained authorizing the purchase
•Insurance
policies are not all the same, so the quality of coverage can change between insurers
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