Updating waiver to include ” not to sue”

I’d like to put this up for discussion, membership input, our current legal counsel, pros & cons, etc.
How it may or may not impact our D & O Insurance. Probably won’t lower it, but can’t hurt to ask.
Something similar to what employers use as a condition of employment -
“Upon employment you agree to give up your right to sue and agree to mediation or arbitration.”

Followed by more legalese jargon.
How to rollout update, notifications and so on.