14 Mar 2014: Specialist lines underwriting agency CFC has today announced the launch of NFP, its comprehensive insurance solution for the not for profit sector.
With competitive premiums for small organisations, NFP is an innovative insurance product that addresses the unique and diverse needs of a broad spectrum of not for profits, from trade associations and charity workers to leisure groups and schools.
Speaking about the launch, Kate Lyes, Senior Management Liability Underwriter commented: “The role of a not for profit organisation is going through significant change and they are finding themselves more exposed than ever before. For years they have been reliant on income from government contracts and grants, however due to the economic downturn, they face government cuts and a reduction in public donations at a time when their services are in demand more than ever.
“The result has been a significant change to the way their services are being commissioned and financed. There is an increased reliance upon volunteer work, continual discussions on mergers with other not for profits and growing potential for staff redundancies. All this gives rise to management liability risks that must be addressed.”
NFP has been designed specifically to address this new not for profit landscape, the new funding structure, and the increased responsibility placed on trustees.
NFP is a comprehensive, modular bundle of management liability covers including trustee liability, employment practices liability, pension benefit plan liability, crime, cyber and privacy, and kidnap and ransom. In addition to this, in order to simplify the insurance buying process for smaller entities, the product also includes other essential covers such as professional liability, commercial general liability, and property.