Norman-Spencer Agency is a newcomer to the nonprofit market. This national property/casualty insurance provider launched its nonprofit division in late March 2017 by offering three programs: food distribution and thrift stores; foundations and grant making; and housing and shelters.
Coverage lines being provided by the nonprofit division are property, inland marine, crime, auto, cyber, directors and officers liability, equipment breakdown and data compromise, accident and health, and umbrella up to $15 million. Enhancements include separate general liability limits, professional liability limits of $1 million/$3 million, unlimited defense limits, social service broadening endorsements, and abuse or molestation.
While its division is in its infancy, Norman-Spencer is no stranger to the nonprofit world. The agency has operated its own nonprofit foundation, NS Cares, since the end of 2014.
“The nonprofit division of Norman-Spencer was created after our involvement with our corporate foundation, NS Cares,” Spencer explained.
“We got so involved working with the communities and working with some specific nonprofit segments both as volunteers and donors that we saw a need and had a desire to find other ways to help those organizations. One way we felt we could help was through our insurance knowledge.”
To date, NS Cares has distributed more than $300,000 to charitable organizations nationwide. Spencer said the new nonprofit insurance division will donate 50 percent of its divisional profits to nonprofit organizations through its NS Cares foundation.
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