| | Market Spotlight
September 14, 2022 |
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Market Spotlight: Nonprofits The nonprofit sector, made up of tax-exempt organizations that mostly serve their communities, is the third largest employment sector in the country -- behind retail and manufacturing. About 12 million people work for nonprofits. While the sector presents opportunities for insurance professionals to do good also, insuring nonprofits is not for the faint of heart. Nonprofits face all of the risks that other employers and businesses face - from directors' and cyber liability to workplace injuries and property damage - but often have fewer resources for prevention and defense. In addition, they have to worry about funding, executive and volunteer turnover, and reputational challenges more than profit-oriented firms do. Finding proper and affordable insurance coverage is often on their difficult-things-to-do lists. Brokers report that overall rates are still rising although perhaps not as much as in the past two years, and rate stabilization for nonprofits is unlikely in the near term. As is the case everywhere, cyber liability premiums are skyrocketing and underwriters are insisting on proof of security. Many nonprofits are still trying to restore their finances, staffing and service capacity from the effects of the pandemic. Others are emerging stronger and with new opportunities. Many have been forced to think more about resiliency in order to honor their missions for the long term. This is definitely a place and time where expertise in insurance and risk management matters for this sector. |
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| Is your account being non-renewed? Only using non-admitted paper? Did they offer you lower limits than last year? We can help right now! Minimum Premiums start at $500 for $1M. Lead and Excess Umbrella Options with various attachment points offered by "A" Rated renowned carriers. Give us the basics and we will let you know within minutes what options we have. States: All states Offered by: UmbrellaPro by Great Point Insurance |
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| Charity First now offers enhanced Property coverage available with our exclusive Nonprofit package program! Charity First offers specialty insurance solutions for nonprofit and social service organizations, including community action agencies, counseling centers, group homes, Boys & Girls clubs, performing arts groups, vocational / adult schools, YMCAs / YWCAs, and many others. States: All states Offered by: Charity First |
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| | Your industry rocks:-) The insurance industry does so much good in the world. Help us spread the word. Visit our new charity portal. Share stories. Upload your own. Insurance Journal |
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| Nonprofits Insurance Alliance (NIA) is the leading property and casualty insurer exclusively serving nonprofits. All insurers under the NIA brand are rated A IX (Excellent) by AM Best. We insure 24,000+ nonprofits and have a 95% renewal rate. States: Most states Offered by: Nonprofits Insurance Alliance |
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| Philadelphia Insurance Companies' Non-Profit insurance package policy program is uniquely designed to provide a wide range of special insurance needs for the non-profit sector as defined under IRS code 501 (C)(3). States: 50 states |
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| Client has 15 different LLC's that are titled to single family homes used for habitational rental only. No business exposure. Has primary home, and another rental home in personal name. Two cars in pesonal name. Currently, has all of the above under a 5 mm Umbrella with Hudson Excess Insurance. My understanding is they do not cover Punitive. I am looking for an Umbrella company that would cover al... by insurancebroker on Fri Sep 9, 2022 Has Ohio Specialty received a 25% increase warning. Looking for other market. by BENKINS on Tue Sep 6, 2022 Need Lessor's Risk property and GL coverage with W/H in Harris County, TX for 20K sq. ft. building ($3.2M) - Admitted only by aiagts on Fri Sep 2, 2022 Hello I am looking for a commercial auto carrier that will insure a 2 unit operation in Wynot, NE. Only 1 of the 2 units will haul fuel and oil to its local farmers with in a 50 mile radius. The business itself has been around for years but is taking new ownership 9/1/22. The new owner only recently obtained his CDL but has been a farmer and operated large trucks and equipment his entire life. The... by BBeringer on Tue Aug 30, 2022 We are trying to find a market for a client that does Reike Training, Tarot Reading & Training, Reike Services. They also sell crystals, sprays, lotions, soaps herbs (mugwart& sage under insd name). This client is in Massachusetts. by eileen on Mon Aug 29, 2022 |
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