NIA Announces Grant Program to Help Member Nonprofits With Urgent Equipment and Project Expenses
March 23, 2020
SANTA CRUZ, Calif.–(BUSINESS WIRE)–Nonprofits Insurance Alliance (NIA), the nation’s leading insurer exclusively focused on the nonprofit sector, announced today that it is accepting applications for the NIA Gilbert Fund 2020 calendar year cycle. The announcement is timely with the recent outbreak of COVID-19 (New Coronavirus), which has left many nonprofits caring for populations that are at-risk and medically vulnerable. Through this fund, 501(c)(3) nonprofits that are members of NIA can pay for equipment, safety, training, and other loss control expenses to improve their operations. The fund, named in honor of Roger Gilbert (1932-2013), former NIA board member and retired president of Great American, was set up to help nonprofits protect themselves and strengthen their organizations.
NPT Study: Most Nonprofits Don’t Have Whistleblower Policies
February 18, 2020
By Paul Clolery – thenonprofittimes.com February 18, 2020
Ripped from news headlines, whistleblower is a phrase you can’t avoid. It is front and center at the impeachment hearings in Washington, D.C. The charitable sector has had a flurry of whistleblower situations the past two years. The Silicon Valley Community Foundation, the American Red Cross, the Humane Society of the United States and Oxfam have all had complaints blow up into headlines.
Whistleblowers are protected under federal law and often cloaked in secrecy. But according to the 2019 Ethics & Compliance Hotline Benchmark Report from NAVEX Global, there has been a “slow but steady decrease in the median rate of anonymous reports” since 2009. In 2018, NAVEX found that 57 percent of reports were anonymous, down from 65 percent in 2009.
WALL STREET JOURNAL: INSURERS DRIVE UP PRICES FOR U.S. BUSINESSES
Large catastrophe losses and low interest rates force insurers’ hand after years of no increases
February 11, 2020
By Nicole Friedman and Leslie Scism – Wall Street Journal
Feb. 11, 2020
U.S. companies are paying more for insurance, a reversal after years of flat or declining rates for
property and liability policies.
Insurers have raised prices aggressively in the past year on companies of all sizes across the
country. And they have warned price hikes are likely to continue.
The turnabout underscores a challenging landscape for U.S. insurers following several years of
large catastrophe losses and continued low interest rates, which have weighed on their
Pretax operating income for the U.S. property-casualty insurance industry fell by 8% from 2014
to 2018, even as revenue from insurance premiums grew, according to ratings firm A.M. Best.
Excluding investments and other income, the industry lost money from underwriting in 2016,
2017 and 2018.
Take a ‘Deep Dive’ Into the Nonprofit Sector: Nonprofits Treading Water as Market Hardens
February 10, 2020
By Stephanie K. Jones and Amy O’Connor – insurancejournal.com | February 10, 2020. The task of insuring nonprofit organizations is a complex one and agents, brokers, underwriters and carrier representatives say that in order to fully serve those entities that serve our communities in myriad ways, it’s vital to take the time to understand what they do and how they do it.
Specialists in this segment are more important than ever as the commercial market has tightened and property and liability coverage rates continue to rise, challenging the slim budgets of most nonprofits.
Insurance Journal: Insurance CEO Takes Fight for Nonprofit Coverage to Congress
February 10, 2020
By Amy O’Connor – Insurance Journal, Feb. 10, 2020
Pamela Davis, president, founder and CEO for the Nonprofits Insurance Alliance (NIA), is on a mission to help nonprofits be successful at their mission by ensuring insurance is affordable and available.
She started the Nonprofit Insurance Alliance in 1988. Today it is comprised of four 501(c)(3) nonprofit organizations in 32 states serving more than 20,000 nonprofit organizations.
The group is limited, however, to writing only liability insurance in most states because as a risk retention group (RRG) it cannot write property or auto physical damage, which Davis says are “impossible to find on a standalone basis for small organizations.”
NIA has been able to work with various carriers to get nonprofits the property half of the BOP, but, in recent years some of those insurers have decided not to continue offering the coverage.
Davis said they sought other ways to offer the coverages, but when those didn’t pan out, she went to representatives of the U.S. Congress to develop a long-term solution. Through that process came H.R. 4523, the Nonprofit Property Protection Act, a bill to amend the Liability Risk Retention Act of 1986 to expand the types of commercial insurance authorized for risk retention groups serving nonprofit organizations.