Thu 15 Oct. 2015
LUNCHTIME LECTURE - INSURANCE FOR CHARITIES
On 9th September Coventry Institute welcomed Martyn Turner & Phil Duffy from Ecclesiastical who gave a very informative talk on how to approach insurances for charities.
There are over 180,000 charities in England and Wales registered with the Charity Commission and a further 80,000 who do not require registration so there is huge potential for business in this diverse sector. It is clear that one size does not fit all.
We learnt the difference between a Charity and a Community Interest Group, and how importance it is to establish the legal structure of the organisation. Underwriting considerations to be taken into account include Fundraising Activities, Provision of services or advice, structure and management liability and Safeguarding and Abuse.
The long term nature of abuse has proved difficult for an insurer to investigate what happened many years ago which leads to uncertainty about future claims and pricing.
Austerity is increasing charities reliance on volunteers and those being contracted by local authorities expose them to higher risks. Underinsurance is also potential problem facing charity market.
A key area of cover often overlooked by charities is Professional Indemnity if they offer advice and management liabilities for their trustees.
Positive feedback from attendees indicated that they had learnt a great deal about a growing and untapped sector.