CFC Underwriting introduces insurance cover for not-for-profits
CFC Underwriting, a London-based cyber risk specialist MGA, has introduced its new insurance solution for the not-for-profit sector.
Called ExecSurance NFP, the new insurance solution has been designed to meet the needs of not for profits that range from trade associations and charity workers to leisure groups and schools.
ExecSurance NFP will combine management liability covers including trustee liability, employment practices liability, pension benefit plan liability, crime, cyber and privacy, and kidnap and ransom.
Additionally, the product will include other essential covers such as professional liability, commercial general liability and property.
CFC senior management liability underwriter, Kate Lyes, said: "The role of a not for profit organisation is going through significant change and they are finding themselves more exposed than ever before. For years they have been reliant on income from government contracts and grants, however due to the economic downturn, they face government cuts and a reduction in public donations at a time when their services are in demand more than ever.
"The result has been a significant change to the way their services are being commissioned and financed. There is an increased reliance upon volunteer work, continual discussions on mergers with other not for profits and growing potential for staff redundancies. All this gives rise to management liability risks that must be addressed."
Source: Insurance Business Review
Called ExecSurance NFP, the new insurance solution has been designed to meet the needs of not for profits that range from trade associations and charity workers to leisure groups and schools.
ExecSurance NFP will combine management liability covers including trustee liability, employment practices liability, pension benefit plan liability, crime, cyber and privacy, and kidnap and ransom.
Additionally, the product will include other essential covers such as professional liability, commercial general liability and property.
CFC senior management liability underwriter, Kate Lyes, said: "The role of a not for profit organisation is going through significant change and they are finding themselves more exposed than ever before. For years they have been reliant on income from government contracts and grants, however due to the economic downturn, they face government cuts and a reduction in public donations at a time when their services are in demand more than ever.
"The result has been a significant change to the way their services are being commissioned and financed. There is an increased reliance upon volunteer work, continual discussions on mergers with other not for profits and growing potential for staff redundancies. All this gives rise to management liability risks that must be addressed."
Source: Insurance Business Review
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