Three Common Pitfalls of Charity Insurance
Our partners at Crombie Lockwood explain the three most common pitfalls they observe when reviewing charity's insurance.
Three Common Pitfalls of Charity Insurance
Is your insurance fit for purpose? Here’s a word from our partners at Crombie Lockwood - three most common pitfalls with charity clients:
1. Boards and Senior Management are Unprotected:
Often charities have no cover or the wrong cover for their board and senior management. A common mistake we see is charities with Directors and Officers Liability Cover, which will not cover an organisation that is structured as a charity. Instead, charities should opt for Trustee or Association Liability Cover.
2. Broker Relationships are Transactional:
When is the last time your broker spoke with you? I bet it was around renewal time. We drive the best results from advice driven outcomes. This means we take the time to meet with you tounderstand your organisation and what’s important to you. As a client we’ll be in touch throughout the year with value added advice and other services.
3. Cyber Risks are Uninsured:
25% of New Zealand businesses suffered a cyber-attack in 2018 for a total loss of $14.1m. We can help you with risk mitigation strategies, including the transfer of risk through insurance.
