2020 was a year like no other. While nonprofits struggled to keep their doors open due to the pandemic, the hard insurance market left many nonprofits desperate to find and obtain affordable insurance coverage.
The Wall Street Journal wrote about the steady rising cost of insurance for U.S. businesses, highlighting The Children’s Shelter in San Antonio, noting that their coverage premium went from $176,000 to an astonishing $750,000. In the same month, the Insurance Journal outlined how carriers are getting out of certain markets in the nonprofit sector—including those who serve children and adults. Articles have continued to be written about this crisis in Law 360, Insurance Business America, Captive.com and Leaders Edge.
In August 2020, 300 brokers in the U.S. were polled by the Nonprofits Insurance Alliance (NIA) about the insurance market for nonprofit businesses and their responses were alarming on the difficulty of insuring programs and services like foster care, homeless shelters, residential treatment centers, and more (see table below).
(Source: 2020 State of the Market for Nonprofit Insurance published by the Nonprofits Insurance Alliance Sept. 3, 2020.)
With no end to this hard market in sight, nonprofits need to know how to navigate this crisis. In this webinar, learn about the factors driving the nonprofit insurance crisis, resulting in non-renewals of overall insurance programs or certain lines of coverage within their insurance program, or renewals only with steep increases in cost and/or a reduction in coverage. Such factors include:
• The abuse crisis and the increased public attention surrounding it
• State legislation extending the civil statute of limitations for abuse claims
• Catastrophic weather events
• Changing carrier appetite
Get insider tips and recommendations for navigating your upcoming insurance renewal. Additionally, understand risk management best practices that can position your agency for the best possible renewal outcomes. Learn about alternative options such as captive insurance groups and risk retention groups, which offer access to liability insurance when the market is in flux.
• The driving factors behind the current market conditions impacting the nonprofit sector • How to position your organization for the best possible renewal outcome
• Risk management best practices overview
• How to determine if an alternative solution like a risk retention group is right for your organization
• How to get involved in advocacy opportunities
Who Should Attend
• Chief Executives
• Person who handles insurance/risk management
Event Custom Fields