Even more than other businesses, not-for-profit organizations have ever-increasing pressure to glean every possible value from every possible resource. Their insurance coverage must balance the broadest possible protection for all who are involved, against the most fiscally prudent options.
The participation of volunteers is another defining characteristic of non-profits, often critical to the organization’s ability to function, but also requiring special attention in the creation of the insurance program.
FCA’s dedicated not-for-profit practice knows the particular challenges your group faces and will help you find the right balance in your solutions.
Directors & Officers Liability
The directors and officers who serve non-profit organizations volunteer not only their time and expertise, but also their personal financial security. Just as with for-profit companies, individual board members can be held responsible for a vast range of alleged wrongdoing, whether or not the organization itself has any assets.
From mismanagement, to anti-trust violations or breach of fiduciary duties, claims against directors are costly to defend even if unfounded. Directors & Officers Liability coverage designed with non-profit groups in mind provides the broadest protection for the organization and those who serve it.
D & O Liability is one of the specialties of the FCA not-for-profit experts.
Insurance programs for municipalities are complex and specialized. Public decision makers bear a substantial responsibility in ensuring that the protection in place is as broad as possible, without any waste of public finances.
Experienced FCA specialists can help with the design and review of municipal programs, drawing on resources from a wealth of sources, as well as assisting with innovative risk management and education strategies.
Excess Workers Compensation
In Ontario, the Workplace Safety and Insurance Act contains two Schedules listing all employers for which coverage is compulsory. Schedule 2 employers are permitted to self-insure. Among those employers are Municipal Corporations, boards, public utilities, commissions, libraries and school boards.
The WSIB administers all claims in accordance with the Act and bills the employer for the cost of claims and an administration charge.
To limit the Schedule 2 Employer’s exposure to catastrophic and long–tail losses, Excess Workers’ Compensation coverage can be purchased. Coverage is provided above a predetermined deductible or retention and limits of up to $20 million for each claim are available.
FCA’s commercial insurance specialists are experts in Workers Comp coverage’s and options. Ask us for more information.
Abuse & Molestation Coverage
Many non-profit organizations provide services that involve direct interaction between their employees or volunteers and members of the public.
Any organization that delivers services for children should make certain they have ‘Abuse & Molestation’ liability coverage. It is common for policies to exclude losses, and the financial consequences are significant, especially to a non-profit entity, even when an abuse claim proves to be groundless.
FCA Insurance Brokers are aware of limitations and exclusions under a typical insurance program and understand the importance of protecting the suppliers of these very important services. We can also assist in developing procedures and protocols to address this exposure. We offer liability programs that do not exclude abuse and molestation coverage.
The financial stability of a private school depends on receipt of contracted annual tuition from parents. An unexpected withdrawal or dismissal of a student during the school year represents a financial hardship for families and often puts the school in an uncomfortable position with respect to collecting unused fees.
Tuition Refund Insurance responds to these concerns. It provides benefits which reduce the financial consequences for both the school and the parents as well as helps the school to secure tuition income while avoiding the difficulties associated with collections.
Tuition Refund Insurance assists in the following ways:
- It provides benefits for nearly any type of withdrawal or dismissal including: Disciplinary Dismissal, Injury or Sickness, Family Move, Scholastic Difficulties, Financial Problems, Emotional Difficulties and others.
- Tuition Refunds Plans can be offered optionally to parents or the school may wish to implement a mandatory participation requirement for all students.
- Claim payments are issued to the school to reduce or eliminate outstanding balances.
- A professionally administered Tuition Refund Plan helps to reduce the appearance of any conflict of interest between the school and parent when resolving claims.
Contact your FCA adviser for more information about Tuition Refund Insurance.
Municipal Facilities Users Program
Often individuals or small groups, like casual sports teams or community organizations, rent facilities from municipalities, private venues, malls or shopping centres, but do not have their own liability coverage to respond in case of an accident during their rental period. However, it is only prudent for the facility owner to ask their short-term renters to provide insurance for potential liability hazards that they could be creating. How to solve the problem?
With FCA’s program for Facility Owners, those using the rented premises can obtain affordable, separate protection for themselves while also safeguarding the facility owner’s potential liability. Premiums are paid by the renters, and coverage is available up to $5,000,000. Participants and liquor liability are also covered by the policy.
Your FCA advisor can provide more information regarding this type of insurance.
Don’t know where to start? Tell us what you need!