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Charity and non-profit organisation policies
Chubb Specialty Insurance

 

 

The policies are divided into:

  • Liability cover for the organisation and its trustees, directors, officers, employees and volunteers
  • Employee and officer theft cover for the organisation

Liability cover

This cover pays defence costs and damages on account of covered claims alleging wrongful act, error or omission, misstatement or breach of duty. It insures:

  • The charity or non-profit organisation association and its subsidiaries, and
  • Past, present or future trustees, other officers, employees and volunteers.

Features:

  • Covered wrongful acts of organisations not restricted to professional errors and omissions
  • Cover for costs of restoring lost or damaged documents (subject to sublimit)
  • Cover for an insured individual’s legal fees for representation at an investigative inquiry into their conduct (not sublimited)
  • Applying exclusions: facts about one insured person not attributed to another
  • Deductibles: if the claim is against an insured individual and not also against the organisation, Chubb will only apply a deductible if law or insolvency does not prevent the organisation reimbursing the individual for his loss

Employee theft cover

This cover insures the organisations against criminal taking by employees, trustees and other officers of money, tangible property or instruments representing money or property.

Features:

  • Organisation’s pension schemes and employee benefit plans covered under the policy
  • Covered subsidiaries include trusts registered as subsidiaries at the Charity Commission
  • Covers crimes first discovered during the policy period; this can include crimes which occur before the policy period
  • No need to identify a specific employee or officer, so long as it can be shown that the crime would have been committed by some employee or officer
  • No requirement to comply with existing internal controls as a condition of cover