Affordable D&O Insurance Available: Non-Profits

July 13, 2016

The Centre on Philanthropy and Freisenbruch Meyer Insurance Services Ltd. have partnered to offer affordable Directors & Officers Insurance for non-profits

A spokesperson said, “As part of our expanded non-profits Benefits Alliance and Collaboration Platform, The Centre on Philanthropy in partnership with Freisenbruch Meyer Insurance Services Ltd. [FMIS] is very pleased to provide our members with exclusive access to a leading Directors and Officers [D&O] Insurance product specific to Bermuda’s non-profit sector.

“Charities have worked very hard to adapt to and comply with requirements under the new Charities Act. However, additional and more robust requirements enforced by the Act can deter much needed, qualified individuals who wish to serve in a board capacity.

“The Centre on Philanthropy hopes this affordable protection can offer some peace of mind to those currently serving on non-profit boards or thinking about joining one.

“During these economic times, it is crucial for non-profit agencies to have the right level of insurance coverage to avoid the potentially devastating financial impact of even a modest claim. D&O insurance is an important part of the overall portfolio of insurance and provides cover for those responsible for the management and administration of the organization, including directors, officers, managers, employees and non-executive directors.”

Elaine Butterfield, Executive Director, said, “In recent years, our members have experienced decreases in funding while simultaneously experiencing increases in demand for their services. Assistance in the form of discounted services and products will go a long way in assisting Bermuda’s non-profits and the very important work that they do.

“We are very pleased to have worked with Freisenbruch Meyer on this product which offers excellent cover options, premiums, and a simple sign-up process. The plan is offered at a reduced rate for non-profit members of The Centre on Philanthropy. We thank the entire team at Freisenbruch Meyer for their commitment to our members and indeed to the non-profit sector.”

Thomas Edwards, FMIS AVP, Broking, said, “We are pleased to partner with The Centre on Philanthropy to offer its members a first class Directors and Officers product that will satisfy their unique insurance needs.

“It has been a pleasure to work closely with the Centre to craft a product that offers the right protection at the right price. Securing Directors and Officers insurance can be beneficial to all non-profits, and businesses, especially in today’s increasingly litigious and compliant environment,” concluded Thomas.

The Centre on Philanthropy said they are “continuing to build a discount database for their membership of over 200 non-profit organisations,” adding that if you offer services or products that can benefit Bermuda’s non-profits and offer charitable [reduced or pro bono] rates, please contact info@centreonphilanthropy.org.

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