What is Non-Profit Insurance?
There are specialized insurance policies, designed to meet the unique needs of the not-for-profit sector of our economy. This sector includes many different types of operations, such as religious institutions, private schools, camps, museums, charitable foundations, and community service organizations.
What does Non-Profit Insurance Cover?
Many of the Non-Profit coverages are similar to those of the standard Commercial Insurance policies. However, Non-Profit insurance policies have special features designed to address the unique exposures associated with their operations. Some of these coverage additions are as follows:
- Social Services Professional Liability Policy – covers the risks associated specifically with the operation of a social service organization that otherwise might not be covered under a more generalized liability policy
- Sexual Abuse Liability Policy Endorsement – protects the organization from claims resulting from allegations of sexual impropriety. This coverage is vital to organizations that service children or other vulnerable sectors of the population.
- Directors and Officers Insurance – provides coverage to the directors and officers of the organization in the event that they are named in a lawsuit relating to the Non-Profit. Since many of the directors and officers are volunteers, often it is necessary to obtain this coverage in order to attract talented people to serve on the board.
What are some additional coverage options?
Non-Profit Insurance has various optional additional coverages which address the specific needs of various sectors. Some of the more unusual coverage options are:
- Sports Accident Insurance – provides coverages for sponsored athletic events, as well as youth sports events, in which a participant is injured.
- Special Events Coverage – provides General Liability coverage and/or Liquor Liability insurance for events sponsored by the Non-Profit organization.
- Pastoral Counseling Coverage – covers the Professional Liability exposures for members of the clergy who provide counseling.
- Volunteer Accident Insurance – provides coverage for organization-sponsored events in which a volunteer becomes injured or ill.