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Richard
Richard, Attorney
Category: Business Law
Satisfied Customers: 46302
Experience:  32 years of experience practicing law and a businessman.
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I am the President of a SCUBA diving club, which is a Sub S

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I am the President of a SCUBA diving club, which is a Sub S Corp. All participants interact iwth the corp, all correspondence is signed as Pres of the Corp. In addition, all participants sign dive waivers to release all officers, etc. of liability. The Corp has no insurance as I believe that any lawsuit resulting from injury would be directed to the Corp and the liability waiver would also hold its weight. Years ago, an atty reinforced these concepts. Would you agree? Is D&O insurance by itself something I should look into or unnecessary? <-- Looking to minimize personal exposure. Thank you
Submitted: 1 year ago.
Category: Business Law
Expert:  Richard replied 1 year ago.
Welcome! My goal is to do my very best to understand your situation and to provide a full and complete answer for you.


Good morning. As an officer of the corporation, you are not exposed to personal liability. Any claim should be against the corporation and your personal assets should not be at risk. But, that doesn't mean that if there was an accident, that the injured party wouldn't file suit against you as an individual. And, though you would ultimately be cleared, the cost of contesting the suit would be expensive for you. That is why I would recommend that if you are going to be an office or a director that the corporation obtain D&O insurance for you so that in the event you are named in a suit, the insurance will cover your legal fees in defending the suit.




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Richard, Attorney
Category: Business Law
Satisfied Customers: 46302
Experience: 32 years of experience practicing law and a businessman.
Richard and other Business Law Specialists are ready to help you
Expert:  Richard replied 1 year ago.
Thank you so much for the positive rating! I appreciate having had the opportunity to serve you! If I can be of assistance to you in the future, just look me up and I will be happy to help!
Expert:  Richard replied 1 year ago.
Thank you also for the bonus! I appreciate your kindness!

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