Board Members' Accident Insurance
Although your Board Members are not employees of your company, they are an important part of your organization and perform certain, critical duties, often on a voluntary basis. As part of their obligation to your organization, common business travel and the attendance of meetings are expected; and these activities carry certain risks of accident or injury.
To protect your Board Members, and as a way offer them an attractive benefit for serving your organization, your company can purchase Board Members’ Accident Insurance on their behalf. Commonly called Accidental Death and Dismemberment (AD&D), this coverage pays a benefit in the event of a covered accident, causing one of the following:
- An accidental death
- The accidental dismemberment of part or all of a limb (I.E. hands, feet, arms, legs, fingers or toes)
- Loss of sight, hearing or speech
- The principal sum is payable for the loss of life, both hands or feet, or sight
- Fractions of the principal sum are payable for other losses (for example, 75% for the loss of a limb, 50% for speech or hearing, 25% for the fingers of one hand, etc.)
- Benefits are paid directly to the Board Member (or to the beneficiary designated by the Director in the case of loss of life)
- Coverage can be in effect during Business Travel only OR 24-hour Coverage
This insurance pays in addition to most other insurance, including disability and life insurance (if the Board Member has other policies). Board Members’ Accident Insurance is a great way to help ensure financial protection is available for Board Members and their loved ones.
To learn more about MEARIE Board Members' Accident Insurance coverage download the brochure.