Constitution and By-Laws

Article 1 – Name

This organization shall be known as “The Loss Executives Association” (LEA). The LEA shall be a non-stock corporation organized under the laws of the State of Delaware.

Article 2 – Objective

The LEA is dedicated to furthering the advancement and education of the property loss professional and to provide a means and forum in which current issues can be discussed and examined.

Article 3 – Membership

The LEA is dedicated to furthering the advancement and education of the property loss professional and to provide a means and forum in which current issues can be discussed and examined.

There shall be four classes of membership as follows:

  1. Regular membership shall be limited to experienced property loss personnel of insurance companies and their trade associations. Regular members may hold office and vote.
  2. Associate membership * shall be available to:
    1. Experienced property loss personnel of properly licensed independent adjusting firms.
    2. Personnel of property defense legal firms, CPA firms, salvors, property oriented engineering firms and other service firms, which regularly provide technical services and advice to the property claims industry. Determination of eligibility within this group resides within the sole discretion of the Board of Directors. Members from each firm qualifying in this category shall be limited to four representatives.

      Associate membership shall not include voting privilege or eligibility to hold office, but may be appointed as consultants to the Board by a vote of the Board
  3. Emeritus membership may be conferred upon former Regular or Associate members of the Association with the approval and recommendation of the Board of Directors, and by a majority vote of the members at any regularly scheduled meeting, provided, however, that no Emeritus member shall be eligible to retain this distinction or be privileged to attend the meetings of the Association, if, after his/her election, he/she becomes associated with the insurance business in any capacity conflicting with the qualifications set forth under sections 2 and 3 of this article. Emeritus members shall not be eligible to vote or hold office.
  4. Retired membership shall be limited to former Regular or Associate members who have been a member in good standing for a consecutive period of at least two years prior to their retirement from active employment in the insurance industry. No Retired member shall be eligible to retain this distinction or be privileged to attend the meetings of the Association, if, after his/her election, he/she becomes associated with the insurance business in any capacity conflicting with the qualifications as set forth herein. Retired members shall not be eligible to vote or hold office.
  5. New membership Proposals for new Regular or Associate members shall be by written or electronic application. The endorsement of two Regular members is required. Applications must be submitted to the Chairman of the Membership Committee who shall verify eligibility for membership. Upon approval by the Board of Directors, such applications will be accepted. 

Article 4 – Board of Directors and Officers

  1. The Board of Directors shall consist of the officers and the two immediate past presidents, all who shall also serve as Directors, and eight further Directors. All Directors and Officers shall be Regular members elected as hereinafter provided. The Board of Directors shall meet at times as directed by the President or by a majority of the Directors. Meetings may be conducted wholly or partially virtually/telephonically. A majority of the members of the Board of Directors shall constitute a quorum.
  2. Officers shall include the President, Vice President, Treasurer, Secretary, and Assistant Secretary.

Article 5 – Elections and Terms of Office

  1. Nominating Committee: The President shall appoint in November of each year a Nomination Committee which shall consist of available past presidents of the Association and at least two Directors and shall designate the Chairman of the Nominating Committee, with the responsibility to present a slate of officer candidates, in even years and director candidates, in every year, to the membership at the next annual meeting. The Nominating Committee shall be required to nominate, subject to the qualification of and acceptance by the candidate, an incumbent officer to the next highest office and to select a member of the Board of Directors for the office of Assistant Secretary. The slate shall be communicated to the membership.
  2. The Officers shall be elected for a term of two years or until his/her successor has been elected. Upon the expiration of his/her term, the incumbent President will take immediate post-president status.
  3. The Directors who are not serving as officers shall be elected for a term of two years, four members being elected each year. No such director may serve for more than four consecutive terms. Any vacancies shall be filled by appointment of the President for the remainder of the term.
  4. Elections shall take place at the annual meeting. Nominations in additional to those named by the Nominating Committee may be made from the floor. A majority of those voting shall be required for election.

Article 6 – Duties of Officers and Directors

  1. The President: Shall preside at all meetings of the Association and the Board of Directors; exercise all executive and judicial functions of the Association in accordance with these by-laws; appoint such special committees; appoint members to fill special committees as may exist or as may occur on the Board of Directors, only until the next regular election. The President shall be an ex officio member of all committees.
  2. The Vice President: In the absence of the President, shall preside at all meetings and assume the duties, powers and prerogatives of the office of the President. If the office of the President becomes vacant, the Vice President immediately becomes President.
  3. The Treasurer: Shall account for all financial assets of the Association, collect all fees, dues and assessments, pay all bills owed by the Association, notify the Board of Directors no later than 3 months after fees, dues or assessments become payable of the names of the members in arrears and provide a financial statement at all Board of Directors and Association meetings. The Treasurer may not open or close any account without the approval of the Board of Directors.
  4. Secretary: The Secretary shall be responsible for recording the minutes of the Association, direct the management and preservation of the Association’s records and attend to the correspondence of the Association as the Board of Directors or members may direct.
  5. Assistant Secretary: The Assistant Secretary shall perform such duties as from time to time may be assigned to him/her by the Secretary or by the Board of Directors. In the absence or disability of the Secretary, the President shall instruct the Assistant Secretary to perform all the duties of the Secretary. When so acting, the Assistant Secretary shall have the powers of and be subject to the duties of the Secretary.
  6. Board of Directors: Shall approve give advice to the President and approve the dates set by the President for the meetings; approve the call for special meetings; investigate qualifications of applicants for membership and determine the eligibility of such applications before applications are submitted to the members for action at a regular meeting of the Association; keep informed on all matters of finance; make recommendations to the members which in the judgement of the Board of Directors will be in the best interest of the Association in accordance with the By-Laws; appoint an interim President in the absence of the President and the Vice President; and if the office of Vice President, Secretary, Assistant Secretary or Treasurer shall become vacant for any cause, shall appoint a successor for the unexpired term only; review delinquent dues and assessments of members and determine if membership shall be terminated; approve funding of scholarship and educational programs.

Article 7 – Standing Committees

The President shall designate a member as the Chairman of the following Standing Committees: Program/Education, Scholarship, Arrangements, Membership, Strategic Planning, Ethics and, at his/her discretion, any additional committee members.

Article 8 – Dues and Assessments

  1. Annual dues shall be set in an amount determined by the Board of Directors and shall cover the period of January through December of each year. Notice of any change in the amount of dues shall be given to the members 30 days prior to the annual meeting.
  2. Annual dues shall be payable on, or before, the 31st day of January of each year. Emeritus and Retired members shall be exempted from dues. Failure to pay dues timely shall be grounds for termination of membership in the Association, subject to review by the Board of Directors.
  3. Members may be subject to an assessment as recommended by the Board of Directors subject to the affirmative majority vote of the members at any regular or special meeting. No assessment shall exceed $250.00, nor shall any number of assessments aggregate more than $300.00 during a calendar year.

Article 9 – Amendments

The By-Laws may be amended at any regular or special meeting of the Association by a two thirds affirmative vote of those members eligible to vote who are present, provided notice of any proposed amendment, with copy thereof, has been mailed or provided electronically to the members of the Association not less than 30 days in advance of such meeting, together with a notice of the time and place of the meeting at which such proposed action is to be taken.

Article 10 – Membership Meetings

Regular meetings are open to all members and their guests and shall be held in conjunction with the meeting program approved by the Board of Directors. The Annual meeting shall be held during the month of January, at a time and place set by the President, subject to the approval of the Board of Directors. The mid-year meeting shall be held at a location and time during a month set by the President with the advice of the Board. Special meetings may be called by the President subject to approval by the Board of Directors.

Article 11 – Ethics Statement

In accordance with the basic purpose for which it was formed, the LEA is charged with the responsibility of providing a forum to further professionalism in property loss adjustment. The LEA has established itself as an organization of members of the highest ethical behavior and excellence in their profession.

A fundamental principle of the Loss Executives Association is that all members will conduct the business of the LEA, and their personal business, with the utmost integrity. Each member has the responsibility to sustain this principle.

Each member of the Loss Executives Association shall strive at all times to live by the highest standards of professional conduct and shall strive to maintain and uphold a standard of honor and integrity that will reflect credit on the profession and the Loss Executives Association.

01/23/2023 edition