Small to Midsize Nonprofit Companies Can Protect Their Operations With Insurance Program From Liberty International Underwriters and Five Star Specialty Programs
BOSTON, March 25, 2009 — As the economic downturn makes the safety net provided by nonprofit organizations increasingly important, Liberty International Underwriters (LIU), a division of Liberty Mutual Group, has partnered with Five Star Specialty Programs (Five Star), a division of Crump Insurance Services, Inc., to create an insurance program that gives nonprofits their own safety net to help handle unexpected risk.
The LIU-Five Star program gives agents and brokers who handle small to midsize not-for-profit operations an easy process for placing their clients’ primary directors and officers (D&O) coverage. By bringing together all the key D&O coverages needed by nonprofits into one policy, without the additional reams of endorsements, the program eliminates the need for brokers to make multiple calls to cover these clients’ specialty insurance needs.
“The economic lifeline provided by nonprofits is needed by more Americans now than at any other time in the past 50 years,” said Carl Pursiano, senior vice president of management liability for LIU. “And because this demand will most likely continue to increase, while critical funding from donations and other sources is likely to decrease, it is imperative that they concentrate on providing necessary services despite the obstacles. By offering this program through Five Star, we help nonprofits manage their own risks so they can better focus their energy and resources on helping others.”
The Five Star Nonprofit Executive Advantage program offers D&O, employment practices and fiduciary liability coverage with limits up to $10 million available. Coverage includes, but is not limited to, claims first made policy, broad definition of wrongful acts, duty to defend with first dollar defense, and defense of suit arising out of breach of contracts.
“Nonprofit organizations face many of the same exposures as for-profit companies when it comes to liabilities that threaten their organization, management, employees, board of directors, and others,” said Michael Oliver, senior vice president of Five Star Specialty Programs. “Appropriate protection is essential for these organizations and we are pleased to be able to provide the platform for agents and brokers to assist NPOs in obtaining this coverage.”