Indemnification of Governors, Trustees and Officers of McGill University, Royal Institution for the Advancement of Learning and Royal Victoria College
Introduction
Governors of McGill University are protected from personal liability through a comprehensive directors’ and officers’ liability insurance policy. A summary of the coverage provided by this policy is reproduced under VI.2, below. In addition, members of the Board benefit from comprehensive indemnification from liability not already covered by the insurance policy under a resolution adopted by the Board of Governors in 1994 and updated in November 2007.
Summary of Directors’ and Officers’ Liability Insurance Coverage
Primary Insurer: | Chubb Insurance Company |
Excess Insurer: | Lloyds |
Coverage Term: | Coverage commenced July 21, 1986; renewable May 1st each year. Renewed for 2016 - 17. |
Limit of Insurance: | Up to $65,000,000 each loss Up to $65,000,000 each policy year |
Deductible: | Nil - each insured person Nil - all insured persons $250,000 - insured organization |
Insured Organizations: | The Royal Institution for the Advancement of Learning, McGill University and its Subsidiaries |
Insured Persons: | Any person who has been, now is or shall become a member of the Board of Governors, its committees; a Trustee, an Ex-Officio member of the Senate, Dean of Faculty, or Senior Administrative Officer of the Insured Organization. |
Extension of Coverage: | Insured Person includes a claim against Insured Person’s lawful spouse, estates, heirs and legal representatives |
Resolution Regarding Indemnification of Members of The Board of Governors
Whereas McGill University, RIAL [the Royal Institution for the Advancement of Learning] and RVC [Royal Victoria College] ("Institutions") deem it fit to provide indemnification for any person who has been, now is or shall become a member of the Board of Governors, its committees, a Trustee, an Ex-offico member of the Senate, Dean of Faculty, or Senior Administrative Officer ("Indemnitees") - acting in the course of their duties;
1.1 | The Institutions shall indemnify each of the Indemnitees as well as their agents, heirs, successors and legal representatives, if any, from and against all costs, charges, and expenses incurred by that person:
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1.2 | The Institutions hereby assume all obligations set out in paragraph 1.1 in relation to any Indemnitees who, upon their request, act as such for a legal person of which the Institutions are a shareholder or creditor; |
1.3 | This article constitutes an enforceable undertaking and its provisions are enacted for the benefit of Indemnitees who by the mere fact of acceptance of office are deemed to have consented hereto; |
1.4 | Any amendment or revocation of this article shall not have the effect of depriving any Indemnitees then in office, of any benefit conferred by this article. |
[Source: Board of Governors, Minute 8182, November 21, 1994; Revised Executive Committee, November 19, 2007]