The Board of Directors of the Nonprofits’ Insurance Alliance of California (NIAC) has declared a dividend to be paid to nonprofit members in California. During 2009 and 2010, a dividend of $4.2 million will be paid to 3,516 nonprofits insured with NIAC. These dividends are possible because the claims experience of these nonprofits is so much better than would be expected, countering long held assumptions that nonprofits are poor insurance risks, the Alliance said.
Based on individual member premiums paid during the dividend period, this plan rewards members for length of continuous coverage with NIAC as well as favorable claims experience. The largest check issued will be $75,295.
Established in 1989, the Nonprofits’ Insurance Alliance of California (NIAC) based in Santa Cruz, Calif., is a 501(c)(3) charitable risk pool that currently provides insurance to more than 6,000 nonprofits in California. NIAC is one of four companies that make up the Nonprofits Insurance Alliance Group.
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