According to Section 26 of the German Civil Code (BGB), association board members are liable with their personal assets. This means that board members are personally liable for errors that occur in the course of their activities in the association. Depending on the extent of the damage, this entails certain risks.
The Landessportbund Berlin (LSB), the insurance partner DEFENDO and the specialist insurer HISCOX have jointly launched the so-called "board insurance", which is intended to minimize the existing financial risk for board members. In addition to directors' and officers' liability insurance including D&O insurance and defined own damage. Among other things, it covers third-party claims for damages, defense costs in the event of a legal dispute, damage caused by cyber fraud and damage resulting from embezzlement. The insurance offer is aimed at LSB Berlin member clubs with an annual budget of up to 250,000 euros. The annual costs for the "board insurance" amount to 178.50 euros and the sum insured is 100,000 euros.
Further information is available via the following links:
Liability in the association & special concept, conditions
Questions can be sent by e-mail to sportversicherung@defendo.versicherung or by telephone on +49 (0)30 374 42960. This also applies to associations with higher annual budgets who would nevertheless like advice on possible individual solutions.
