Liberty International Underwriters (LIU), a division of Liberty Mutual Group, has partnered with Five Star Specialty Programs (Five Star), a division of Crump Insurance Services Inc., to create a new insurance program for small to midsize nonprofit organizations.
The Five Star Nonprofit Executive Advantage program offers primary directors and officers (D&O) coverage, employment practices and fiduciary liability coverage with limits up to $10 million available. Coverage includes, but is not limited to, claims first made policy, broad definition of wrongful acts, duty to defend with first dollar defense, and defense of suit arising out of breach of contracts.
“The economic lifeline provided by nonprofits is needed by more Americans now than at any other time in the past 50 years,” said Carl Pursiano, senior vice president of management liability for LIU. “And because this demand will most likely continue to increase, while critical funding from donations and other sources is likely to decrease, it is imperative that they concentrate on providing necessary services despite the obstacles.”
The new program brings together all the key D&O coverages needed by nonprofits into one policy, without the additional reams of endorsements.
“Nonprofit organizations face many of the same exposures as for-profit companies when it comes to liabilities that threaten their organization, management, employees, board of directors, and others,” said Michael Oliver, senior vice president of Five Star Specialty Programs. “Appropriate protection is essential for these organizations and we are pleased to be able to provide the platform for agents and brokers to assist NPOs in obtaining this coverage.”
Was this article valuable?
Here are more articles you may enjoy.