Lloyd’s of London has refused to renew the National Rifle Association’s directors and officers (D&O) policy, according to firearms news site The Reload. The news was a “bombshell” to the NRA’s leadership who will now set aside $5 million to cover its own liability costs while they scramble to find replacement cover.
New York State Attorney General Letitia James sued the NRA last year, accusing it of corruption including diversion of millions of dollars to association officials. New York is also seeking out NRA Chief Executive LaPierre’s.
Last month the NRA dropped its attempt to dismiss the New York lawsuit and instead said that it would defend itself in state court.
Despite putting out defiant a defiant statement that it “looks forward to vindicating its members’ rights before a jury,” the article says that NRA officials see dismal chances of finding an insurer to share the risk.
“Underwriters have to assess risk, and when they look at the NRA, they think the risk is too high,” the source, who asked not to be named for fear of reprisals, told The Reload. “They’re still trying to find insurance, but I don’t know that they’re going to be successful.”
Another source put it in more explicit terms.
“I mean, if Lloyd’s won’t insure you, who the hell will?” he said.