what is not-for-profit insurance?

Insurance coverage for Not-For-Profit associations is specific to the unique landscape of each association. We put together tailored insurance packages that protect the property, board members, employees and liability of an association.   
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It is important to determine who is responsible for managing the day to day operations of the association to understand the exposure completely. Not-For-Profit Condominium Associations and HOAs usually have different liabilities than a charitable organization or a house of worship.

There are many underwriting considerations that apply so let’s look at some common lines of insurance that may fit with your association as a standalone policy or combined as a package:

• ​Directors & Officers Liability (D&O): This protects the members of the board that can be individually named in a suit against the association. The policy will cover acts of board members that may lead to an accusation of wrongful termination or discrimination from employees and members of the association.
• Crime: This protects the association against the theft of money, securities or other property by a board member or an employee. This coverage may also be available in the form of a Dishonesty Bond and is often specified in associations by-laws.
• Abuse & Molestation Liability: This coverage is important to have for charitable organizations and houses of worship that have volunteer programs. This coverage will respond to child abuse, sexual abuse, corporal punishment claims that arise from volunteers or employees of an association. 
• Pool & Spa Contamination: Certain condo associations may include amenities for residents including a pool or a hot tub. Mismanagement of these amenities can lead to unsanitary conditions that leave residents exposed to pollution hazards. This policy will cover injury due to pollution, bacteria, and viruses from poor maintenance of these areas.  ​
• Umbrella Liability: with any type of association, there comes many exposures that can lead to highly costly legal battles. Therefore, it’s important to have adequate liability coverage. Umbrella Liability will give you an extra layer of protection in addition to your General Liability limits which will help in larger claims. 

If you have any questions regarding insurance coverage for your non-profit organization or would like to speak with one of our insurance professionals, click here.